Plugo, a Singapore-based e-commerce platform that empowers anyone who wants to start an online business, raised $9 million in Series A funding ahead of its planned public launch in 2023.
The round was led by Altos Ventures, with participation from BonAngels Venture Partners, Access Ventures, Mahanusa Capital, Prodigy Investment, and Pearl Abyss Capital.
The funds will be used for future product developments and hiring across new divisions as Plugo expands operations.
“We are thrilled to announce this fresh funding round, which demonstrates investors’ confidence in our business,” said Kyungmin Bang, Founder and Chief Executive Officer of Plugo. “Not only is it a huge and significant number, but there are endless opportunities. Moreover, local businesses have accelerated their adoption of digital technology due to innovation in the e-commerce ecosystem and dynamic changes in consumer behavior.”
“Over the past decade, the predominant market trend has been business-to-consumer (B2C) or marketplace. Direct-to-consumer (D2C) platforms like Plugo have only recently become a trend for more transparent and efficient business, “However, I believe we have enormous potential because there is still a lot of room for growth and huge gaps in the market, particularly among micro, small, and medium-sized enterprises (MSMEs),” he added.
Plugo was founded this year and has only recently begun rolling out its closed beta version. The company appears to be set on releasing in early 2023 when the platform will be experienced by future users nationwide.
Company: Plugo Pte. Ltd.
Round: Series A
Funding Month: December 2022
Lead Investors: Altos Ventures
Additional Investors: BonAngels Venture Partners, Access Ventures, Mahanusa Capital, Prodigy Investment, and Pearl Abyss Capital
Company Website: https://plugo.co/
Software Category: e-commerce
About the Company: Plugo is an all-in-one e-commerce platform that empowers anyone who wants to start an online business. It lets users personalize their online stores with personalized website templates, payment, courier integrations, omnichannel, SEO, and marketing tools. Plugo is entirely cloud-based and hosted, allowing users to access and manage their business from anywhere, at any time, while on the go. The firm is headquartered in Singapore, with offices in Jakarta and Seoul. It is a global and diverse team with members from various countries and cultural backgrounds. The developer team, which is located in Seoul, is made up of seasoned developers from various tech industries.