Indonesian startup Hypefast raises $14m from investors including Monk’s Hill, Jungle Ventures 

Besides acquiring digital native brands, Hypefast has also started opening online to offline (O2O) stores such as the one pictured above.

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.

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.