Singapore-based e-commerce aggregator, Rainforest, secured funding of $20M in pre-series A led by Monk’s Hill Venture. Just 4 months ago, the company had successfully raised $6.55 million in equity and a $30 million debt facility. Rainforest now has more than $50 million to spend on acquiring new e-commerce brands.
The reason for raising funding again was because the company’s portfolio has doubled since the previous round in May, “a number of sizable acquisitions in the pipeline,” J.J Chai, Co-founder and CEO shared.
Rainforest recently welcomed Yev Ivanko, ex co-founder and CEO at NimbleSeller, as its vice president of acquisitions, and Christine Ng, with a background in marketing and branding at Sephora, ShopStyle, Luxola and Shopbop, as its new vice president of brands.
The company has always focused on acquiring Asia-based brands on Amazon and aims to become the e-commerce version of consumer goods conglomerate Newell Brands. With its expertise in inventory management, cost optimization and expansions into new marketplaces and distribution channels, Rainforest helps acquired brands to scale up and become more profitable.