Plugo Taps Into Indonesian Market After Closing New Funding Round
Plugo, an e-commerce enabler startup headquartered in Singapore, raised US$9 million in a Series A funding round led by Altos Ventures. Plugo CEO KyungMin Bang said the funds would allow the company to strengthen the research and development team. "Including hiring more engineers," Bang said, as quoted by Techcrunch, on Thursday.
Several investors also participated in the funding round, such as BonAngels Ventures Partners, Access Ventures, Mahanusa Capital, Prodigy Investment, and Pearl Abyss Capital. Bang founded Plugo in Oct 2022, along with five other founders. It provides an end-to-end solution in the e-commerce business, especially for direct-to-consumer (D2C) brands. Currently, around 200 D2C e-commerce companies have started using the Plugo beta service in Indonesia. Plugo will officially launch its service in Indonesia in the first quarter of 2023.