ANNOUNCEMENT: aCommerce Closes Series A Funding with US$10.7 Million
This is from our July 2014 Press Release email newsletter. Read the original campaign here.
aCommerce, the regional end-to-end e-commerce service provider for Southeast Asia, announced today that it has closed its Series A funding round of US$10.7 million, making it the largest Series A for a Thailand-originated venture and one of the largest Series A in Southeast Asia to date.
Organized by its founding investor, Ardent Capital, the round was led by Bangkok-based Inspire Ventures with participation from NTT Docomo, Sumitomo Corporation Equity Asia Limited, Sinar Mas Indonesia, Asia Pacific Digital, Cyberagent Ventures, JL Capital, strategic angel investors, and key executive staff.
“In just one year, aCommerce has built a stacked team of players from Amazon, Walmart, DHL, eBay, Apple, Oracle, McKinsey, Microsoft, and Rocket Internet and expanded into four robust Southeast Asian markets,” said Tom Kim, Partner and Co-Founder of Inspire Ventures. “With their global experience and local expertise, we are confident in this team’s ability to execute and become the dominant e-commerce solutions provider in the region. E-commerce is growing rapidly, and these guys are well positioned to capitalize on this disruptive global trend.”
Josephine Chan, vice-president of Sumitomo Corporation Equity Asia, echoed this view, “aCommerce is solving a major pain point in e-commerce logistics and backend fulfillment, and is helping to accelerate e-commerce market growth across Southeast Asia.”
Founded in June 2013, aCommerce has four offices with fulfillment centers and employs over 250 staff across Thailand, Singapore, Indonesia and Philippines. aCommerce will use the new capital to strengthen its e-commerce logistics infrastructure, expand its delivery fleet, develop its AMP technology platform, and expand its channel management and PopShop products.
aCommerce will also ramp up its cross-border solutions such as customs clearance, FDA certification, and local business operating licenses for global brands and retailers to expedite their market entry into Southeast Asia.
“What makes the Southeast Asian landscape so unique and equally challenging is how diverse it is, both in terms of business landscape and demographics. There are dozens of marketplaces and retail channels in each country with different currencies, policies, pricing, and fulfillment conditions. The complexity of all these distribution channels makes it incredibly difficult for brands and retailers to navigate and manage.
Logistically, collection-on-delivery (COD) is the preferred payment option of up to 90% of local markets due to low credit card penetration rates, particularly in rural areas. Our new funding will enable us to reinvent the ‘last-mile’ customer experience for receiving a package and choosing their preferred payment option at their door step,” Paul Srivorakul, Regional CEO of aCommerce said.
From the investor side Dr. Adrian Vanzyl, Ardent’s CEO, believes this funding round represents another important milestone for the Southeast Asian e-commerce ecosystem.
“We are particularly pleased with the breadth of investors that have participated in this round, including strategic investors from Singapore, Japan, Philippines, Indonesia, Australia and Thailand. As these investors get more exposure to the significant growth opportunities in SEA, we expect to see an increasing number of companies receive funding,” said Dr. Vanzyl. “We are also encouraged by the fact that this round was oversubscribed – an accomplishment that should reassure other startup companies of the interest and capital that is available to them.”
aCommerce is a regional e-commerce service provider delivering customized e-commerce solutions for global brands L’Oreal (Maybelline, Kiehl’s), HP, LINE Chat, and Groupon among others, and is on a mission to break the logistics bottleneck of Southeast Asia. Founded in June 2013, aCommerce has offices and distribution centers in Indonesia, Thailand, Philippines and Singapore. The company provides end-to-end e-commerce solutions to bring brands into online retail including platform design and development, order fulfillment and warehousing, delivery and logistics, customer service call centers, content production, transactional marketing, and channel management.
About Ardent Capital
aCommerce was conceived by Ardent Capital, and initially 100% funded and incubated in Ardent’s Bangkok headquarters. Ardent Capital was founded by successful entrepreneurs in Southeast Asia who have grown and exited a range of companies, primarily in the region, but also in the US and Australia. Ardent manages a portfolio of internet and ecommerce companies across 5 countries in the region.
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Information contained in this press release, other than historical information, may be considered forward-looking in nature. Forward-looking statements are subject to various risks, uncertainties and assumptions. aCommerce disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.
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