Brand aggregator Grow Commerce raises $7m in seed round
The Indonesia-based company will use the funds to acquire more brands.
Indonesia-based online-first brand aggregator Grow Commerce has raised $7m in a seed funding round led by local technology venture fund AC Ventures, the investor said in a news release.
The funding also saw participation from East Ventures and IRONGREY.
With this fresh funding, Grow Commerce is looking to drive its next series of brand acquisitions and build technology and operations capabilities to turbocharge their growth, the company said.
Grow Commerce said it has built a portfolio of five brands, which includes digital-first fashion brand Berrybenka.
The company seeks to differentiate itself in localizing Thrasio-style brand roll-up play to Southeast Asia’s context – a vast majority of mobile-first internet users, a mix of direct-to-consumer and marketplace channels for online, and continuing relevance of offline retail.
With this expertise, Grow Commerce leverages proprietary data analytics and technology to select potential categories and brands for acquisitions. They offer brand owners flexible exits through a simple and transparent buyout process or partnership.
Grow Commerce has already scaled its team to more than 150 and expects it to grow significantly over the next six months, along with its revenue.