RateS bags Series A funding
Indonesia: RateS, a social commerce platform operating in Indonesia, announced today it has closed an undisclosed amount in the Series A round, co-led by Vertex Ventures and Genesis Alternative Ventures.
The fresh capital will go towards bankrolling RateS’ expansion into tier 2 and 3 markets in Indonesia by expanding the “density” of its reseller membership network, which the company claims to have surpassed half a million.
Besides, the funds will be used to improve product catalogs as part of future product and platform development.
Launched in 2016, RateS enables small businesses and individuals to start their online businesses through social channels. By using technology to modernize sourcing, distribution, and credit, RateS helps resellers solve inefficiencies faced by resellers.
“For us, the true measure of RateS’s success will be in how much we can improve our resellers’ livelihood and businesses. We have already seen our resellers’ incomes increasing by up to 50 percent since joining our platform,” said Jake Goh, co-founder, and CEO of RateS.
“Our collective vision is to revolutionize social commerce through technology, creating digital entrepreneurs and empowering them with tools to conduct their business seamlessly and more profitably,” he added.
