SG’s social commerce startup Raena bags $10m in Series A extension round

Photo by Joanna Kosinska on Unsplash

Singapore-based social commerce startup Raena has raised as much as $10 million in its Series A extension round this year, show filings sourced by DealStreetAsia from Accounting and Corporate Regulatory Authority (ACRA).

The startup’s existing investors Alpha Wave Incubation, a venture fund managed by Falcon Edge Capital, and AC Ventures participated in the round, while new investors Alfamart from Indonesia and Alto Partners also pumped in capital.

To break down the numbers, Alpha Wave Incubation invested $5.6 million in the startup in the extended Series A round, followed by AC Ventures ($3 million). Meanwhile, Alfamart and Alto Partners pumped in $1 million and $400,000, respectively.

The startup issued 1,187,649 new shares at $8.42 apiece.

ACRA filings only reflect the equity funding received so far in a round and the overall funding could be larger and have other components such as debt.

AC Ventures declined to comment on the extension round. Meanwhile, other firms had not responded to DealStreetAsia’s queries at the time of publishing the article.

The latest funding pegs Raena’s valuation at around $81 million, according to DealStreetAsia’s calculations. Based on the company’s meeting resolution filing to the ACRA, the company also allocated 787,240 shares for its employee share option plan (ESOP).

Raena, established in 2018 in Indonesia first, connects beauty brands to resellers and influencers across markets in Southeast Asia. The startup later shifted its headquarters to Singapore to tap on more talent and products while still focusing on the Indonesian market.

Raena identifies, sources, and aggregates products directly from local manufacturers, and then sells them to micro-entrepreneurs online along with a full stack tech platform.

The startup raised $9 million in its Series A round at the beginning of last year, DealStreetAsia had reported.

Social commerce in Indonesia is increasingly gaining popularity due to avid social media usage and the paucity of a retail distribution network in remote areas across diverse sectors.

Last year, Indonesian social commerce platform Evermos raised $30 million in its Series B funding to scale up its business. In other deals in the sector, Desty secured $3 million in its pre-Series A round in July 2021, while Super raised a $28 million Series B round led by SoftBank Ventures Asia in April.

Currently, Chilibeli, also headquartered in Indonesia, is understood to be in talks to raise around $20 million to expand its operations. The startup has already received interest from several investors, including existing backers, its co-founder and chief executive Alex Feng had earlier told DealStreetAsia.

In the beauty industry specifically, Sociolla is reportedly in talks to garner up to $150 million – the deal, if fructifies, can give the company a unicorn tag, thereby pegging its valuation at over $1 billion. Separately, cosmetics brand NAMA Beaty raised $5 million led by AC Ventures last year.

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.