Indonesian e-commerce startup Plugo raises US$9m in Series A round

E-COMMERCE platform Plugo has raised US$9 million in Series A funding led by California’s Altos Ventures.

The round also saw support from BonAngels Venture Partners, Access Ventures, Mahanusa Capital, Prodigy Investment, and Pearl Abyss Capital, said the company on Thursday (Dec 15).

Plugo intends to use proceeds from the fresh funding for future product development, as well as hiring across new divisions as it expands its operations.

Based in Jakarta, Indonesia, Plugo was founded in 2022 and recently began rolling out its closed beta version of its direct-to-consumer (D2C) e-commerce platform, which is designed to be entirely cloud-based and cloud-hosted.

The company said it intends for its platform to be “experienced by future users nationwide” upon its scheduled release in early 2023. Digital capabilities offered by the platform enable users to personalise their online stores with website templates, courier integrations and marketing tools, among others.

“Over the past decade, the predominant market trend has been business-to-consumer or marketplace. D2C platforms like Plugo have only recently become a trend for more transparent and efficient business,” commented the company’s founder and chief executive, Bang Kyungmin.

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Highlighting “enormous potential” in Plugo, Bang said that there is “still a lot of room for growth and huge gaps in the market” – particularly among micro, small-and-medium enterprises.