SG’s Asia Partners leads $38m funding in e-commerce enabler SCI Ecommerce

Photo: SCI Ecommerce

Singapore-headquartered Asia Partners has led an over S$50 million ($38 million) funding round in SCI Ecommerce, a cross-border e-commerce enabler that is planning a Nasdaq listing.

SCI Ecommerce, founded in Singapore in 2014, provides end-to-end e-commerce enablement services to brands in China and Southeast Asia through a unified cross-border platform.

The company enables product and brand exposure on Southeast Asian e-commerce marketplaces like Shopee, Lazada, Qoo10, ezbuy, Tokopedia, Bukalapak, and Blibli, as well as major Chinese platforms including Alibaba’s Tmall Global, JD Worldwide, WeChat, and NetEase’s Kaola.

According to a Bloomberg report, SCI Ecommerce is planning a listing in New York as early as the end of this year with a market valuation of $1 billion.

The report is in line with what Joseph Liu Jiannan, founder and CEO of SCI Ecommerce, disclosed to DealStreetAsia last year. He had said in an interview that the company was looking at going public within the next 18 to 24 months.

In a statement, SCI said it will use the fresh investment to develop its next generation of software tools for brand partners, as well as expand its geographic capabilities for cross-border e-commerce operations and fulfillment.

SCI Ecommerce has previously completed three funding rounds largely from individual investors between 2015 and 2018.

Its shareholders include Chinese billionaire Pang Shengdong, who founded web directory 2345 Network Holding Group, Singapore’s “popiah king” Sam Goi, Alibaba co-founder James Sheng, and Stanley Zhang, managing partner of Singapore-based Jubilee Technology Fund.

The lead investor in this funding round, Asia Partners, recently secured the final close of its inaugural PE fund at $384 million, making the vehicle the largest debut technology fund focused specifically on Southeast Asia.

Asia Partners I seeks to make investments starting from $20 million across Southeast Asian tech startups.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.