4 months after its final funding announcement, Singapore-based e-commerce aggregator Rainforest has closed a $20 million pre-Collection A spherical led by Monk’s Hill Ventures. Different contributors included January Capital, Crossbeam Enterprise Companions, Amasia and Lo & Behold Group, together with returning buyers Nordstar and Insignia Enterprise Companions.
Rainforest introduced in Could that it had raised $6.55 million in fairness and a $30 million debt facility to fund acquisitions. The corporate says its newest increase means it now has greater than $50 million to spend on buying e-commerce manufacturers.
Based by former Carousell and Fave executives, Rainforest buys principally Asia-based Amazon manufacturers and desires to change into the e-commerce model of client items conglomerate Newell Manufacturers.
Co-founder and chief government officer J.J. Chai instructed FiratNews in an e-mail that Rainforest raised funding once more as a result of it’s doubled its portfolio for the reason that final spherical and in addition has “various sizable acquisitions within the pipeline.” The corporate initially supposed to lift about $8 million to $12 million so as to add to its seed spherical, however elevated that quantity to $20 million due to investor curiosity, he added. Along with model acquisitions, the funding can even be used on hiring and constructing its tech infrastructure.
Chai mentioned Rainforest raised solely fairness this time as a result of it hasn’t completed utilizing the debt facility it received from Accial earlier this yr.
Since launching in January 2021, Rainforest has acquired six manufacturers, together with one from China for $3.6 million, marking its first foray into the nation, and plans to triple its model portfolio by the top of this yr. After shopping for manufacturers, Rainforest scales them up by way of stock administration, price optimization and expansions into new marketplaces and distribution channel. The corporate claims its portfolio manufacturers have seen over 50% enchancment in annual development charges after their acquisitions.
Rainforest additionally introduced it has employed Yev Ivanko, beforehand co-founder and CEO at NimbleSeller, as its vp of acquisitions, and Christine Ng, who has labored in advertising and branding at Sephora, ShopStyle, Luxola and Shopbop, as its new vp of manufacturers.