eCommerce Aggregator Rainforest Raises $20M

Singapore-based eCommerce aggregation firm Rainforest has raised $20 million in a pre-series A round led by Monk’s Hill Ventures.

January Capital, Crossbeam Venture Partners, Amasia, and Lo & Behold Group were among the other investors in Rainforest’s latest fundraising efforts, while existing investors Nordstar and Insignia also contributed in this round after previously buying a stake in the business in prior funding sessions.

Rainforest now has more than $50 million it plans to use on acquiring third-party brands that sell on Amazon. The company plans to focus primarily on Asia-based eCommerce brands and is targeting 3x growth by the end of this year, according to its announcement, as reported by TechInAsia.

After raising $36.5 million in a seed round in May, Rainforest acquired six eCommerce brands, most of which are based in Asia.

Rainforest also on Wednesday (Sept. 8) announced Yev Ivanko as its vice president of acquisitions and Christine Ng as vice president of brands. Ivanko was CEO and co-founder of NimbleSeller, while Ng headed up marketing for Away and ClassPass.

Related: Singapore eCommerce Aggregator Rainforest Raises $36 Million In Seed Round

Rainforest’s seed funding round included $6.5 million in equity financing. That initial funding round was led by Nordstar, with participation from Insignia Venture Partners.

Rainforest was launched in January by executives from Carousell, Airbnb and Fave. JJ Chai, previously senior vice president of growth and strategy at Carousell, is Rainforest’s chief executive officer. Chai was also a managing director for Airbnb Southeast Asia and India.

Jason Tan, former chief financial officer at Fave and OVO, is Rainforest’s CFO. Per-Ola Röst, software entrepreneur and a seven-figure Fulfillment By Amazon (FBA) seller, is the company’s chief technology officer.

Rainforest helps third-party sellers with shipping, inventory storage and customer service and helps the companies it acquires to establish a global footprint, primarily through sales on Amazon.