Singapore ecommerce roll-up firm carts in $45m

Rainforest, an ecommerce roll-up company based in Singapore, has raised US$45 million in a funding round led by Canopy Tropics, a subsidiary of Southern Capital Group, with participation from returning investors, including Monk’s Hill Ventures, Insignia Venture Partners, and January Capital.

The new round takes Rainforest’s total capital to over US$100 million.

(From left) Rainforest co-founders Per-Ola Rost, JJ Chai, and Jason Tan / Photo credit: Rainforest

Founded last year by a trio of ecommerce veterans – JJ Chai, Jason Tan, and Per-Ola Rost – Rainforest acquires brands on major ecommerce platforms and scales them by providing supply chain, product development, and marketing support.

Rainforest’s annual revenue climbed over US$30 million in its first year of operations, and the firm said it will be profitable by the end of 2022.

Earlier this year, Rainforest announced it would dedicate over US$100 million for brand acquisition in 2022. Currently, there are 13 brands under the company, including baby care company NatureBond, which it bought in March this year, and infant sleepwear provider Baby Deedee.

Rainforest plans to use the new funds to continue hiring globally and expand its brand portfolio in the moms, kids, and home categories.

See also: Mapping the global boom of ecommerce roll-up firms

“This financing round provides us a capital advantage in the region and helps accelerate our path toward building a compelling house of brands for the modern mom,” said Chai, who serves as Rainforest’s co-founder and CEO.