Singapore-based startup Rainforest, which buys and grows e-commerce brands, has received a seed investment of $ 36 million. The tour was led by Nordstar with the participation of Insignia Venture Partners.
Founded in 2020 by the former managers of Carousell and fintech firm Fave, Rainforest focuses on buying brands in the region as Asia’s first e-commerce aggregator. The Amazon-based startup is trying to grow micro e-commerce businesses by buying them.
Developing automation, optimization, and strategy applications to improve the financial returns of brands, Rainforest said,
We will manage your brand like entrepreneurs but with a larger budget.
It sets out with the slogan.
Rainforest currently sells around $ 5 million to $ 10 million a year on Amazon; He is looking for brands that have strong positions in categories such as pets, personal care, fashion, and electronics.
Co-founder and CEO JJ Chai, who previously held senior roles on Carousell and Airbnb; “ Being able to create a physical product and build a sizable business out of it is a relatively new phenomenon. In the past, you needed a factory, a big brand, and R&D. The disruption of online advertising, marketplaces, and supply chains have provided an opportunity for individuals to create brands the way the App Store allows people to start distributing the software. said.
Rainforest will use the investment to purchase promising Amazon brands, invest in technology and recruit new talent to join its team.