Juragan Material, an Indonesian startup with a construction-related platform, earned $4 million in a seed round headed by Go-Ventures with participation from Susquehanna International Group and Triputra Group.
Juragan, a B2B platform for locating providers of building materials, was established in 2021. For structural, architectural, mechanical, and electrical items, it now has over 9,000 stock-keeping units and more than 180 brands.
The corporation claimed that, despite retaining favourable unit economics, its gross merchandise value has often increased by double monthly.
The Indonesian firm wants to increase the capacity of its product ecosystem and its attempts to penetrate the market. By filling important positions in product, engineering, sales, and operations, it will also expand its workforce.
Tito Putra, the company’s CEO and co-founder, stated that Juragan wants to overcome the dissatisfaction experienced by suppliers and contractors in successfully managing projects and acquiring materials.
According to Arum Putri, vice president of Go-Ventures, the construction industry in Indonesia, which she estimated to be worth $72 billion US, has a highly fragmented supply chain, which leads to unpredictably fluctuating demand and supply.
