Indonesian e-commerce brand acquirer Hypefast has raised $13.99 million in new funding, show regulatory filings accessed by DealStreetAsia – DATA VANTAGE.
New investor Monk’s Hill Ventures, a Singapore-based venture capital firm, led the round with an $8.1 million investment. Other existing investors joined the round, including Singapore-based Jungle Ventures, which put in $5.39 million, as well as Tokyo-based Strive Ventures, Indonesia-focused Amand Ventures, and Evowood Pty Ltd.
The company allotted 567,387 new shares to these investors at $24.67 apiece and is now valued at $50.4 million.
According to ACRA filings, Amand Ventures also bought 6,079 shares from Hypefast founder Achmad Alkatiri in a secondary transaction last week.
Alkatiri declined to divulge details of the transaction.
Hypefast was founded by Alkatiri, a former Lazada and Shopee marketing executive, in January 2020 and backs and acquires local digital native companies in fashion, beauty, health and lifestyle. Focused on Indonesia, it invests in brands that primarily sell online and generate at least 500 million rupiah ($34,400) in annual profit.
It invests between $100,000 to $10 million to buy these brands, per its Instagram page. Its stable of 20 brands across Southeast Asia includes fashion brand Nona and modest activewear brand Noore.
Besides acquiring digital native brands, Hypefast has also started opening online to offline (O2O) stores. It opened its first O2O store in South Jakarta for Buiboo, a brand catering to mothers and babies.
Hypefast last raised a total of $2.52 million in April and June 2020 in a round led by Jungle Ventures.
Other startups in the space of acquiring e-commerce brands include Rainforest and Una Brands, which buy small merchants that sell on Amazon, Lazada and Shopee.
Editor’s note: This story has been updated on Jul 23 with responses from Hypefast.