Singapore-based Rainforest, an acquirer and aggregator of e-commerce brands, has announced its formal launch with a seed funding of $36 million. The funding round — a mix of debt and equity — was led by UK-based Nordstar Partners, with participation from Insignia Ventures Partners, according to a statement on Thursday.
Rainforest, Asia’s first e-commerce aggregator, was started by former executives of the used-goods marketplace Carousell and fintech firm Fave.
The equity financing of the latest deal amounted to $6.5 million and was led by Nordstar and Insignia Venture Partners. The $30 million debt financing came from a US debt fund.
Operational since January 2021, Rainforest has already acquired three brands in the home and personal care categories. Our acquisitions typically amount to between $1 million and $5 million, depending on the revenue of the business, co-founder and CEO JJ Chai told DealStreetAsia in an exclusive interaction. He did not divulge the names of the acquired brands.