aCommerce gets $10m investment led by Telkom’s VC arm
Thailand-headquartered startup aCommerce has been described as an “ecommerce arms dealer” – it offers a full range of services like logistics, fulfillment, and even marketing to back up aspiring online sellers.
The company grew along with Southeast Asia’s ecommerce boom and now works with major retailers and ecommerce firms.
However, just like ecommerce in the region, the startup is still in its early stages and requires venture capital to grow. Acommerce needs investors to help it build its warehouses, tech, and team.
It’s a costly business. The startup was given its initial boost in 2013 by venture builder Ardent Capital and has since accumulated close to US$20 million to fund its vision – and that’s just the disclosed amount. Other investors include CyberAgent, SMDV, NTT Docomo, and Inspire Ventures.
Today, aCommerce announced that is has picked up more cash – the lead investor in this round is MDI, the venture capital arm of Indonesia’s state owned telco, Telkom.
The amount raised is US$10 million.
Investment from Swiss firm
The fundraise for aCommerce has been a long time coming.
Back in August, aCommerce CEO Paul Srivorakul said he was looking to raise US$30 million in a series B round.
What followed in December was not a series B but a partnership with Swiss firm DKSH, a “market expansion services provider.” It brings giant retail brands into Asia – largely an offline business.
As a result of that deal, DKSH owned 20 percent of aCommerce, but the terms of the deal were not disclosed.
Along with MDI, DKSH is involved again in financing this round, as is BlueSky from Australia.
The new funds, aCommerce says, will be put towards fuelling expansion into Malaysia and Singapore.
When it comes to Singapore, however, it’s more of a re-entering than new market expansion. The logistics startup once already had a presence there, but was forced to downscale in 2014.
Acommerce also operates in Thailand, the Philippines, and Indonesia. It plans to build state-of-the-art fulfillment centers in each of the countries.