Four months after its last funding announcement, Singapore-primarily based mostly e-commerce aggregator Rainforest has closed a $20 million pre-Series A round led by Monk’s Hill Ventures. Other contributors incorporated January Capital, Crossbeam Endeavor Partners, Amasia and Lo & Search Community, alongside with returning merchants Nordstar and Insignia Endeavor Partners.
Rainforest launched in Might well well well that it had raised $6.55 million in equity and a $30 million debt facility to fund acquisitions. The company says its most trendy elevate manner it now has more than $50 million to use on procuring e-commerce brands.
Founded by worn Carousell and Fave executives, Rainforest buys mostly Asia-primarily based mostly Amazon brands and desires to was the e-commerce version of user items conglomerate Newell Producers.
Co-founder and chief govt officer J.J. Chai told TechCrunch in an electronic mail that Rainforest raised funding again because it’s doubled its portfolio since the last round and also has “a collection of plentiful acquisitions within the pipeline.” The company originally intended to come to a decision on about $8 million to $12 million so that you may maybe well add to its seed round, nonetheless elevated that quantity to $20 million due to investor hobby, he added. Along with ticket acquisitions, the funding may maybe even be old on hiring and building its tech infrastructure.
Chai acknowledged Rainforest raised most attention-grabbing equity this time because it hasn’t performed the use of the debt facility it received from Accial earlier this year.
Since launching in January 2021, Rainforest has received six brands, including one from China for $3.6 million, marking its first foray into the nation, and plans to triple its ticket portfolio by the tip of this year. After procuring brands, Rainforest scales them up by stock management, worth optimization and expansions into contemporary marketplaces and distribution channel. The company claims its portfolio brands indulge in seen over 50% enchancment in annual development rates after their acquisitions.
Rainforest also launched it has hired Yev Ivanko, beforehand co-founder and CEO at NimbleSeller, as its vp of acquisitions, and Christine Ng, who has worked in advertising and branding at Sephora, ShopStyle, Luxola and Shopbop, as its contemporary vp of brands.