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Grow Commerce Founder and CEO Jason Lamuda
Grow Commerce, an e-commerce aggregator launched by serial entrepreneur and Berrybenka co-founder Jason Lamuda, has emerged from the stealth mode.
Grow Commerce, which acquires Southeast Asian D2C and online marketplace brands, has also secured US$7 million in seed funding led by AC Ventures, with participation from East Ventures and South Korean investment firm Irongrey.
As per a press statement, the new startup differentiates itself in localising Thrasio-style brand roll-up play to Southeast Asia’s unique context — a vast majority of mobile-first internet users, a mix of DTC and marketplace channels for the online, and continuing relevance of offline retail.
Besides Berrybenka, a fashion e-commerce platform Lamuda launched in 2013, Grow Commerce has a portfolio of four more brands, with an annualised revenue of US$20 million. Berrybenka is backed by transcosmos, GREE Ventures, and East Ventures, among other investors.
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The firm will drive the next series of brand acquisitions with the seed capital and build technology and operations capabilities to turbocharge its growth.
“…we understand many of the pain points and the end-to-end needs from a brand owner perspective. We look forward to partnering deeply with many more local brand owners and entrepreneurs,” said Lamuda, Founder and CEO, Grow Commerce.
“Grow Commerce is an Indonesia-focused, online-first brand aggregator that has already created a significant moat through their current infrastructure — online and offline distribution channels, supply chain and logistics network. With the current round, they have created a robust plan to acquire fast-growing brands, scale top-line sales, and expand its wider supply chain,” said Adrian Li, Founder & Managing Partner, AC Ventures.
The aggregator leverages proprietary data analytics and technology to select potential categories and brands for acquisitions. It offers brand owners flexible exits through a transparent and straightforward buyout process or the opportunity to partner through the brand’s growth journey with Grow Commerce.
As marketplace experts, the Grow Commerce team keeps a close view of the brand’s supply chain operations and customer experience to ensure they keep step with the rapid sales growth and the brand’s customer trust does not drop.
Grow Commerce has already scaled its team to more than 150 and expects it to grow significantly over the next six months, along with its revenue.
Grow Commerce invites consumer businesses across categories to reach out via their website for an introductory meeting to discuss what joining the Grow Commerce universe can do for your brand.
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