Intrepid Group, a Singapore-headquartered omni-channel e-commerce solutions company, has secured US$11 million in an oversubscribed Series B funding, led by Mirabaud Asset Management through its Mirabaud Lifestyle Impact & Innovation fund.
Local VC firm Vulpes Investment Management, a group of global private investors, as well as existing investors including SGX-listed Thakral Corporation, also joined the round.
The money will go into improving its technology suite and take “our capabilities to the next level in order to continue to accelerate the growth of our brand clients’ business across the region.”
Founded by co-founders of Lazada, Intrepid Group offers both enterprise-grade SaaS and end-to-end e-commerce management to brands and SMEs to accelerate their growth on platforms such as Lazada and Shopee.
The B2B company has offices in six markets: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
With its asset-light model, the company claims to have already reached profitability in two of its markets, and is on track for regional profitability.
“In less than two years, Intrepid has become the partner of choice for over 60 international brands to grow their omni-channel e-commerce in Southeast Asia,” claimed Jasper Knoben, CEO of Intrepid.
In August 2020, Intrepid raised an undisclosed sum in pre-Series B financing, co-led by Thakral Sun SEA Capital (a VC firm backed by Sunway Group). Ten months earlier, it had received Series A funding led by Kairous Capital.
Renaud Dutreil and David Wertheimer of Mirabaud said: “As consumer purchase patterns see an accelerated shift to online, globally leading brands must adapt. Intrepid has been able to build an industry-leading team across entire Southeast Asia, and thereby rapidly gained the trust of a wide range of world-leading brands across multiple categories. The company has established itself as a preferred partner for leading global brands to effectively reach the ca. 700 million consumers of Southeast Asia.”
“As ecommerce is growing much faster than offline and soon for many brands will become larger than offline, we see a mindset shift happening, where brands start to think e-commerce first. Concurrently, e-commerce is complexifying fast in Southeast Asia, with many consumer touch points to manage and optimise. We want to be the preferred go-to partner for brands to make the most of this amazing opportunity ahead,” said Charles Debonneuil, President of Intrepid and former CMO and co-founder of Lazada Group.
Image Credit: Intrepid Group
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