Rainforest, a Singapore-based mums-focused e-commerce brand aggregator, announced Monday that it has raised $45 million in a first close led by Canopy Tropics, backed by Southern Capital Group.
Returning investors, Monks Hill Ventures, Insignia Venture Partners, and January Capital also participated in the round, the company announced in a statement.
This latest financing brings Rainforest’s total capital to over $100 million since its launch in January 2021, the company further expects to reach profitability by the end of 2022.
“This financing round provides us a capital advantage in the region and helps accelerate our path towards building a compelling house of brands for the modern mum. We look forward to making further acquisitions, growing our stable of brands, and bringing new and innovative products to market,” Rainforest Chief Executive Officer and Co-Founder JJ Chai said.
Thousands of new sellers join the Amazon marketplace each day, and Rainforest estimates over 30 percent are cross-border sellers based out of Asia Pacific. With millions of sellers and $390 billion in Gross Merchandise Value, the Amazon 3rd party seller market is a rich ecosystem for Rainforest to buy and build challenger brands.
Earlier this year, the company acquired Millenium Enterprises including its flagship brand Naturebond, one of Singapore’s fastest-growing cross-border baby care brands. Helping entrepreneurs with a smooth exit, Rainforest enhances the supply chain, product development marketing and channels to further drive the performance of its brands.
Rainforest achieved over $30 million in annualised revenue in its first year of operations and expects to be profitable by the end of 2022. The company aims to continue hiring globally to expand its portfolio of brands in the coming year.