Jason Lamuda, a serial entrepreneur and co-founder of Berrybenka, has created Grow Commerce, an e-commerce aggregator. Grow Commerce, which buys Southeast Asian D2C and online marketplace brands, has also raised $7 million in venture capital from AC Ventures, East Ventures, and Irongrey, a South Korean investment group.
According to a press release, the new startup distinguishes itself by adapting Thrasio-style brand roll-up play to Southeast Asia’s unique context, which includes a large number of mobile-first internet users, a mix of DTC and marketplace channels for online sales, and the continued relevance of offline retail.
Grow Commerce has a portfolio of four additional companies, including Berrybenka, a fashion e-commerce site Lamuda founded in 2013, and has an annualised revenue of US $20 million. Transcosmos, GREE Ventures, and East Ventures, among others, have invested in Berrybenka. Berrybenka received Series A investment from GREE Ventures and East Ventures earlier this month.
Grow Commerce will use the initial funding to fund the next round of brand acquisitions, as well as develop technological and operations skills to help them accelerate their expansion.
“…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.
Grow Commerce uses unique data analytics and technologies to identify new acquisition categories and brands. It provides brand owners with a variety of exit options, including a transparent and easy buyout procedure or the opportunity to participate with Grow Commerce on the brand’s growth path.
Once a part of the house of brands, the portfolio is subjected to a comprehensive omnichannel growth strategy that has been proved to achieve more than double to treble QoQ sales growth with local brands such as Berrybenka and Aleza.
The Grow Commerce team, as marketplace specialists, maintains a close eye on the brand’s supply chain operations and customer experience to ensure that they keep up with the rapid sales growth while maintaining the brand’s consumer confidence.
Grow Commerce has already grown its workforce to over 150 people and expects revenue to increase dramatically over the next six months. Grow Commerce encourages consumer firms of all types to contact them via their website to set up an initial meeting to explore their needs.
