S.Korea's e-commerce platform Plugo secures $9 million in investment

South Korea's Plugo, a comprehensive e-commerce platform based in Singapore, has attracted $9 million in Series A investment, the Silicon Valley, California-based and lead investor Altos Ventures said Thursday.

Other companies taking part in this investment are BonAngel Venture Partners, Access Ventures, Mahanusa Capital, Prodigy Investment and Pearl Abyss Capital.

Founded in October in Singapore by CEO Bang Kyung-min, the company developed Plugo, a direct-to-consumer (D2C) e-commerce solution as a one-stop service for sales page configuration, payment and delivery. The funds from this investment will go toward the launch of new services, product upgrades and staff recruitment.

Plugo recently released its solution as a closed beta or test edition and began recruiting human resources from home and abroad ahead of the release early next year of its official version.

CEO Bang said, "We want to help small-scale businesses grab new opportunities in the digital economy and achieve joint growth through Plugo's all-in-one e-commerce solution."

Altos Ventures Partner Moon Suk-oh said, "Plugo is preparing a superb service that could change the future of Indonesia's e-commerce," adding, "We made the investment decision by noting that the resolution of small business problems has a positive influence on society while creating economic value."

Write to Jong-Woo Kim at jongwoo@hankyung.com