Berrybenka Now Grows Commerce, Announces Initial Funding Of 100 Billion Rupiah
Berrybenka announced a name change (rebranding) to “Grow Commerce” with the concept of an e-commerce rollup from the previous e-commerce company.
At the same time, the company led by Jason Lamuda also announced the acquisition of an initial $7 million (over IDR100 billion) seed funding led by AC Ventures, followed by East Ventures and IRONGREY.
The fresh funds will be used to drive a series of acquisitions of more brands and create more advanced technology to support operational aspects to accelerate their growth.
In an official statement, Founder & CEO of Grow Commerce Jason Lambuda said that Grow Commerce takes the position as the House of Brands with strong operational experience in building and supporting the growth of local brands.
One example of this success can be seen from the aspect of sales distribution. He and his team have developed their own online platform, built a network of offline stores, expanded and sold in various online marketplaces.
“In this journey, we understand that there are many pain points and comprehensive needs that must be met from the brand owner’s side. Grow Commerce is here to overcome these challenges. We hope that we can partner with more local brands and entrepreneurs in the region,” said Jason, Tuesday (15/2).
AC Ventures Founder and Managing Partner Adrian Li added, “With more than 10 years of experience in e-commerce, Jason and his team are in the right position to enter the next phase of building Grow Commerce as a leading e-commerce brand aggregator.”
With the current funding round, Grow Commerce has made strong plans to acquire fast-growing brands, increase front-line sales, and expand a wider supply chain.
“Grow Commerce is well-positioned to execute this plan to achieve both short and long term goals, and AC Ventures will be a part of this journey,” said Li.
Already Have 4 Brand Portfolios
As an e-commerce rollup that uses a Thrasio-style business model, Grow Commerce works by acquiring fast-growing digital-based brands. This region is considered the right area to operate this business model, because most of the population is mobile-based internet users.
As such, there is a mix of DTC and online sales distribution channels, and the continuing relevance of offline retail. Currently, Grow Commerce has four portfolios that claim annual revenues of $20 million combined.
The brands are Berrybenka, Aleza, Kottonville, and BBS. All of them are fashion brands. Having led and developed Berrybenka, the first digitally based fashion brand, Jason and the team understand very well the challenges and aspirations of local brand owners and what it takes to grow such a business exponentially.
With this expertise, Grow Commerce leverages analytical data and proprietary technology in selecting potential categories and brands to acquire. They offer flexible and transparent solutions for brand owners to join Grow Commerce and grow their business together.
Once part of the company, the portfolio will be equipped with various advanced and proven omnichannel growth strategies, such as Berrybenka and Aleza which have delivered QoQ sales growth more than doubled to tripled.
E-Commerce Roll-up Trends
As marketplace experts, the Grow Commerce team keeps a close eye on the brand’s supply chain operations and customer experience to ensure that their sales growth is thriving, and prevents a decline in customer trust.
Grow Commerce has grown their team to over 150 people, and are optimistic that it will grow significantly over the next six months, as their revenue grows.
Grow Commerce enlivens the e-commerce rollup market in Indonesia, which was previously filled by Hypefast, OpenLabs, Una Brands, and Tjufoo. The spread of the Thrasio-style concept is supported by the more mature e-commerce ecosystem.
They act as new era brand aggregators, acquiring promising D2C companies to ensure operational excellence and rapid growth, thereby creating value for investors.