Singapore-based e-commerce brand aggregator startup Rainforest announced on Wednesday that it has closed a $20 million pre-Series A round led by Monk’s Hill Ventures.

Other investors participating in the oversubscribed round are January Capital, Crossbeam Venture Partners, Amasia, Lo & Behold Group together with existing investors Nordstar and Insignia, the company said in a statement.

Accial Capital is the debt provider for Rainforest, providing a previously announced $30 million debt facility.

The fresh funds will be used to double down on Rainforest’s growth strategy as it looks to acquire more Asia-based e-commerce brands, helping them to scale up and expand beyond its markets across Europe and America.

By the end of 2021, the company plans to grow its current portfolio of e-commerce brands by three times. Rainforest will also be expanding its key leadership team with strategic senior hires adept in acquisitions, branding and marketing, product development, supply chain, operations, and strategy.

“With this round of funding, we look forward to providing well-deserved exits for more brand-builders across Asia and continue to scale up the brands they created with a world-class team at Rainforest,” Rainforest Chief Executive Officer and Co-Founder JJ Chai said.

Rainforest now has over $50 million for acquiring high-potential, e-commerce brands in Asia that are revenue-positive and category challengers in their niche, focusing on the home goods, mother & kids, personal care, and pet categories.

Using its proprietary tech to manage operations, Rainforest works with its brands to improve inventory management, cost optimizations, and expansions to new marketplaces and channels – at scale. To date, Rainforest’s portfolio has seen over 50 percent improvement in annual growth rates post-acquisition.

Recently, the firm also acquired a China-based brand for $3.6 million as part of its latest initiative to expand its services into the Chinese market, especially with China-based merchants representing 75 percent of new sellers on Amazon early this year, a number that is projected to grow.

To spearhead Rainforest’s growing footprint in the region, the company has also strengthened its leadership bench with two key hires; Yev Ivanko, Vice President, Acquisitions, and Christine Ng, Vice President, Brands. Each brings with them over 15 years of experience in international expansion and business development.

Rainforest said it has seen a momentous 2021 following its seed fundraise of $36 million in May, including a $6.55 million equity and $30 million debt rounds. The seed fundraise was led by Nordstar, with participation from Insignia Venture Partners and Accial Capital as the debt provider.

Since its operational launch in January 2021, Rainforest has acquired six e-commerce brands mostly based in Asia, with a target to triple its portfolio by the end of 2021.

Former execs from Carousell, OVO & Airbnb launch Rainforest with $36M Seed fund to consolidate APAC Amazon Sellers