Singapore-based e-commerce Cococart raised US $4.2 M in seed funding round

Ila Dhond03/03/2022

399 2 minutes read

Cococart, a Singapore-based e-commerce platform, has raised $4.2 million in a seed round sponsored by Forerunner Ventures and Sequoia Capital.

Y Combinator, Uncommon Capital, Soma Capital, Liquid 2 Ventures, Fitbit’s James Park, and Curated CEO Eduardo Vivas all participated in the round.

The additional money will be used to expand the startup’s personnel, speed product development, and expand into other regions.

Cococart, which was founded in 2020, already has merchants in over 90 countries. Local companies will be transformed, and new ways to sell online will be enabled, according to the corporation. Merchants, according to the company, can put up their shop in minutes without any programming, design, or app downloads.

“We’re just getting started. There are still so many challenges in starting and running a business that we want to solve, from deliveries to supply chain to financing. We see a massive opportunity in front of us, and we want to bring Cococart to 200 million businesses worldwide. Our goal is to define the next generation of commerce,” said Cococart Co-Founder and CEO Derek Low.

Most small companies still use spreadsheets to manage their orders and take orders over WhatsApp. They may create a website quickly and easily using Cococart. Everything from inventory management to mobile payment options is included in the store. Cococart claims to have expanded to service over 20,000 businesses in over 90 countries, taking in over 500,000 orders since its inception.

According to Low, the firm increased its merchant count by 3000 percent and its consumer base by 4600 percent in 2021. During that period, the firm developed from two founders to 22 employees spread across 12 countries.

Cococart claims to have expanded to service over 20,000 businesses in over 90 countries, taking in over 500,000 orders since its inception. According to Low, the firm increased its merchant count by 3000 percent and its consumer base by 4600 percent in 2021. During that period, the firm developed from two founders to 22 employees spread across 12 countries.

“At Forerunner, we believe the next revolution in commerce will be driven by empowered sellers,” said Kirsten Green, Founder and Managing Partner at Forerunner. “Cococart embodies this shift by enabling small businesses to manage online ordering and unlock new growth easily. E-commerce tools like Cococart stand to enable a growing generation of companies to compete and scale more efficiently.”