Indonesian serial entrepreneur Jason Lamuda announced his latest venture, Grow Commerce, to acquire and accelerate the growth of Southeast Asian DTC and marketplace brands. Grow Commerce has raised US$7 million in Seed Funding, led by AC Ventures, with participation from East Ventures and IRONGREY.
Besides Berrybenka, which Jason launched in 2013, Grow Commerce already has a portfolio of four more brands, with annualized revenue of US $20 million. With this fresh funding, Grow Commerce will drive the next series of brand acquisitions and build technology and operations capabilities to turbocharge their growth.
“Grow Commerce is uniquely positioned as a House of Brands because we have significant experience in operating and growing a local brand. A case example from a sales distribution perspective, we have grown our own online platform, built a network of offline stores, expanded, and thrived in various online marketplaces. We understand many of the pain points and the end-to-end needs from a brand owner perspective. We look forward to partnering deeply with many more local brand owners and entrepreneurs.” said Jason Lamuda, Founder & CEO, Grow Commerce.
“Grow Commerce is an Indonesia-focused, online-first brand aggregator that has already created a significant moat through their current infrastructure – online & offline distribution channels, supply chain, and logistics network, as well as a seasoned team with a powerful track record in scaling eCommerce brands. With over 10 years of experience in eCommerce, Jason and his team are well-positioned to enter their next phase towards establishing themselves as a leading eCommerce brand aggregator. With the current round, they have created a robust plan to acquire fast-growing brands, scale top-line sales, and expand its wider supply chain. Grow Commerce is well-positioned to execute these plans to achieve both near-term and long-term milestones, and ACV is looking forward to being a part of this journey,” said Adrian Li, Founder & Managing Partner, AC Ventures.
Grow Commerce differentiates itself in localizing Thrasio-style brand roll-up play to Southeast Asia’s unique context – a vast majority of mobile-first internet users, a mix of DTC and marketplace channels for the online, and continuing relevance of offline retail.
Having led and grown Berrybenka, a digital-first fashion brand, Jason and the Grow Commerce team deeply understand the challenges and aspirations of local brand owners and what it takes to grow such businesses exponentially.
With this expertise, Grow Commerce leverages proprietary data analytics and technology to select potential categories and brands for acquisitions. They offer brand owners flexible exits through a simple and transparent buyout process or the opportunity to partner through the brand’s growth journey with Grow Commerce.
Once part of the house of brands, the portfolio experiences a sophisticated omnichannel growth strategy that has been tried and tested with local brands such as Berrybenka and Aleza and proven to deliver more than double to triple QoQ sales growth.
As marketplace experts, the Grow Commerce team keeps a close view of the brand’s supply chain operations and customer experience to ensure they keep step with the rapid sales growth and the brand’s customer trust does not drop.
Grow Commerce has already scaled its team to more than 150 and expects it to grow significantly over the next six months, along with its revenue.
Grow Commerce invites consumer businesses across categories to reach out via their website for an introductory meeting to discuss what joining the Grow Commerce universe can do for your brand.
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AC Ventures is a leading venture capital firm investing in early-stage startups focused on Southeast Asia. We are a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond.