Rainforest, a mums-focused e-commerce brand aggregator, has raised US$45 million in a first close led by Canopy Tropics, backed by Southern Capital Group. Returning investors, Monks Hill Ventures, Insignia Venture Partners, and January Capital also participated in the round. This latest financing brings Rainforest’s total capital to over US$100 million since its launch in January 2021, the company further expects to reach profitability by the end of 2022.
JJ Chai, CEO, and Co-Founder of Rainforest said “We are glad to be backed by high-quality partners to grow Rainforest. This financing round provides us a capital advantage in the region and helps accelerate our path towards building a compelling house of brands for the modern mum. We look forward to making further acquisitions, growing our stable of brands, and bringing new and innovative products to market.“
Thousands of new sellers join the Amazon marketplace each day, and Rainforest estimates over 30% are cross-border sellers based out of Asia Pacific. With millions of sellers and $390Bnin GMV, the Amazon 3rd party seller market is a rich ecosystem for Rainforest to buy and build challenger brands.
Earlier this year, the company acquired Millenium Enterprises including its flagship brand Naturebond, one of Singapore’s fastest-growing cross-border baby care brands. Helping entrepreneurs with a smooth exit, Rainforest enhances the supply chain, product development marketing and channels to further drive the performance of its brands.
Rainforest achieved over US$30 million in annualised revenue in its first year of operations and expects to be profitable by the end of 2022. The company aims to continue hiring globally to expand its portfolio of brands in the coming year.