September 23, 2021

Ukraine Breaking News

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Rainforest, an ecommerce platform that aggregates a variety of products and services, raises $ 20 million in just a few months after its last funding

Four months after its latest funding announcement, Singapore-based e-commerce aggregator Rainforest closed a $ 20 million pre-Series A round led by Monk’s Hill Ventures. January Capital, Crossbeam Venture Partners and Amasia were also involved, as well as returning investors Nordstar Venture Partners and Insignia Venture Partners.

Rainforest announced in May that it had raised $ 6.55 million in stock and a $ 30 million debt line to fund acquisitions. According to the company, its most recent raise brought it more than $ 50,000,000 in equity and a $ 30 million debt line that will be used for the acquisition of e-commerce brands.

– Announcement –

Rainforest was founded by former executives from Carousell and Fave. It primarily buys Amazon brands from Asia and aims to be the e-commerce equivalent of Newell Brands, a consumer goods conglomerate.

JJ Chai, co-founder and CEO, told TechCrunch via email that Rainforest has raised additional funding because the company’s portfolio has doubled since the last round. It also had “some sizable acquisitions” in its pipeline. However, the amount was raised to $ 20 million by investors. The loan will be used for brand acquisitions, as well as for staffing and building the technology infrastructure.

Chai said Rainforest raised capital only because it is still using Accial’s debt relief.

Rainforest launched in January 2021 and has since acquired six brands from China, one of which has been bought for $ 3.6 million. This is his first venture in China and he plans to double the brand portfolio before the end of the year. Rainforest then expands the brands by acquiring them, including inventory management, cost optimization, expansion into new markets and channels, and expansions to existing distribution channels. Rainforest says its portfolio brands have seen a 50% increase in their annual growth rates following acquisitions.

– Announcement –

Rainforest announced that it has hired Yev Ivanko (formerly co-founder, CEO of NimbleSeller) as vice president of acquisitions and Christine Ng as vice president of brands. Ng has experience in branding and marketing at Sephora ShopStyle Luxola Shopbop and ShopStyle.

Published on Wednesday, 08 September 2021 02:04:03 +0000

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