Former Shopee, Lazada exec’s startup raises $19.5m in series A funding (updated)

Update (Nov. 10, 3:30 p.m.): This article was updated to include the latest updates from the company about its series A fundraise.

Indonesia-based Hypefast, said it has raised US$19.5 million in its series A round led by Monk’s Hill Ventures, with participation from Jungle Ventures and Strive.

The ecommerce roll-up firm, which recently emerged out of stealth mode, said it has now acquired 25 ecommerce brands.

Hypefast founder and CEO Achmad Alkatiri / Photo credit: Hypefast

Founded in 2020 by former Shopee and Lazada marketer Achmad Alkatari, the startup is in the business of acquiring digital and ecommerce-native brands in Indonesia, Singapore, Malaysia, and Thailand and growing them for a global market. The firm has been profitable since the start of the year, Achmad Alkatiri, founder CEO of Hypefast, earlier told Tech in Asia.

Hypefast’s chosen brands receive a capital investment of up to US$10 million. Sportswear Noore Sport Hijab and natural products line Bonnels are some of Hypefast’s funding recipients, with an Indonesia-based baby and kids brand as one of its latest acquisitions.

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“These brands already have access to cost-efficient manufacturers and a substantial market with strong e-commerce penetration,” said Alkatiri, noting these firms founders understand their locale better than global counterparts “in terms of style, size, fit, aesthetics, and price point.”

Hypefast has now raised a total of US$22 million, to date. It has 200 team members across Indonesia, Singapore, Malaysia, and Thailand.