According to DealStreetAsia, RateS, an Indonesia-based social commerce company, has raised US$6 million in a Series A+ round headed by current investor Vertex Ventures Southeast Asia & India.
A debt financing round of US $1.5 million was also included in the deal.
Returning supporter Insignia Ventures Partners and new sponsor Beacon Venture Capital, Thai Kasikornbank’s corporate venture capital arm, also contributed.
The money will be used to create the company’s own brands, starting with mother and baby items made in China. RateS is also trying to fund a Series B round in H2 this year to support this approach and is seeking investments from Chinese strategic investors.
Kasikornbank’s line of credit with Beacon will also be used to help the company market its financial solutions to rural clients.
Prior to this, RateS raised an unknown sum in a Series A round in 2021 with the purpose of developing its reseller membership network’s “density” in tier 2 and 3 markets in Indonesia.
RateS, which was founded in 2016, has evolved from a foreign exchange supplier to a social commerce platform that allows merchants to source items, manage delivery, take payments, and access financial products all through their smartphones.
In Indonesia’s tier 2 and 3 cities, the firm focuses on housewives, students, and micro-entrepreneurs.
