ID ecommerce roll-up firm nets $7m in fresh funds
Grow Commerce , an ecommerce roll-up firm based in Indonesia, has raised US$7 million in a seed funding round led by AC Ventures and joined by East Ventures and Irongrey. Jason Lamuda, Grow Commerce founder / Photo credit: Grow Commerce Founded in 2021, Grow Commerce aims to acquire direct-to-customer brands in Southeast Asia and accelerate their growth. The firm was rebranded from Berrybenka , an Indonesian fashion ecommerce portal, founded by Jason Lamuda in 2013.
East Ventures was an early investor in Berrybenka.
Grow Commerce said it has five brands in its portfolio, including Berrybenka, Kottonville, Aleza, BBS, and Sorabel – a brand that shut shop in 2020 . These brands generate a total of US$20 million in annualized revenue, the firm said.
Lamuda said his experience from building Berrybenka over eight years ago had placed Grow Commerce in a “unique position.”
“We have grown our own online platform, built a network of offline stores, and expanded in various online marketplaces. We understand many of the pain points and the needs from a brand owner perspective,” he said.
With the latest investment, Grow Commerce plans to acquire more brands and build its own tech and operations capabilities. The firm currently has more than 150 employees.
See also: Mapping the global boom of ecommerce roll-up firms
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