SCI Ecommerce, a Singapore-headquartered cross-border e-commerce enabler, has announced the final close of its ongoing fundraising, bringing the total capital raised from this round to approximately S$88 million (US$65.4 million).
The first tranche of this round worth US$38 million was led by Asia Partners and announced on May 3, 2021.
As per a statement, the additional capital came from EDBI, private asset management firm Financial Investments Corporation, Philippine conglomerate Soriano Corporation, and several unnamed investors from Asia, North America, Europe, and the Middle East.
“The expansion of our fundraising round is a strong endorsement of our integrated e-commerce business model, which already serves many of the world’s most iconic consumer brands,” said group CEO Joseph Liu Jiannan. “With these resources in hand, we look forward to investing in new technologies and capabilities to serve our clients, while completing our preparations to become our region’s first publicly traded e-commerce enabler.”
Founded in 2014 by Liu Jiannan, SCI provides e-commerce solutions for Southeast and East Asia’s leading e-commerce platforms, including Alibaba’s Tmall platform, Lazada, and Shopee.
SCI provides a comprehensive suite of services to its brand partners, which include Unilever, Abbot, Stanley Black & Decker, Crayola, Nestle, Vinda, and Danone.
Its integrated business model helps its brand partners expand into the Southeast Asia e-commerce market and China Cross Border E-commerce (CBEC) market by setting up and managing over 6,000 online stores across both regions’ major e-commerce platforms and social media channels
Additionally, SCI applies data analytics and e-commerce software tools to optimise online traffic to gross merchandise value (GMV) conversion, brand awareness, consumer loyalty, and the customer service experience, and
It also closely measures e-commerce results for brand partners, which creates a feedback loop that enable partners to refine their products and be more responsive to consumer needs.
With offices in Singapore, China, Indonesia, Malaysia, and Thailand, the company claims to have grown its revenues more than 75x over the past three years.
The company further claimed that it more than doubled its 2019 revenues to over US$100 million in 2020. It has been EBITDA positive since 2019 and was net income positive in 2020.
In addition to Asia Partners, two of Alibaba’s co-founders, Singapore-based venture capital firm Jubilee Capital Management, the family office of Sam Goi, and several ultra-high net worth technology entrepreneurs from across Asia are among SCI’s existing investors.
SCI has also inked a partnership with TikTok, starting with a launch in Indonesia. With the help of SCI, brand partners in the archipelago can carry out sales directly through the TikTok app, activating a new channel for social commerce on one of the world’s most popular mobile apps.
The company claims it is the only e-commerce enabler in Southeast Asia with this dual capability across both marketplace e-commerce and social e-commerce platforms.
“SCI’s exponential growth is testament to its ability to offer global and local consumer brands end-to-end e-commerce services integrated with a vast network of Asian marketplaces through its platform,” said Chu Swee Yeok, CEO and President of EDBI.
“With plans to deepen R&D capabilities in data analytics and automation tools at its HQ here, SCI is well placed to strengthen Singapore’s position as a global e-commerce hub, enabling accelerated market scaling for its partners and promoting trade flows across Southeast Asia and East Asia.”
Image Credit: SCI Commerce
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