Indonesian construction marketplace Juragan Material has raised $4m in seed funding round led by Go-Ventures.
The round has seen participation from Susquehanna International Group (SIG), reported TechCrunch.
The firm plans to use the proceeds from the round for hiring, increasing its market share and make technological improvements.
Juragan Material plans to enhance its platform by introducing more features with a view to increase customer and vendor acquisitions, and improve the supporting infrastructure, especially financing and logistics.
Established in 2021, the company’s marketplace currently has more than 9,000 products and over 180 brands, including structural, architectural, mechanical and electrical products.
The marketplace is used by contractors and project owners to quickly source building materials.
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Juragan Materials CEO and co-founder Tito Putra stated that it takes days for contractors and project owners to source a single item, including time spent on verifying with multiple vendors with regard to pricing and availability.
Putra further added: “We recognised that construction is a huge market that is still very conventional and untapped by technology, resulting in a lot of inefficiencies happening in the industry.”
To address the challenges, the marketplace was established to ease the last aspect of the supply chain for the construction industry.
Image: The marketplace is used by contractors and project owners to quickly source building materials. Credit: David Mark from Pixabay.