Vertex Ventures leads $6m round of 🇮🇩 social commerce firm

RateS, an Indonesia-based social commerce startup, has raised US$6 million in a series A+ funding round led by Vertex Ventures Southeast Asia and India. Around US$1.5 million of the funding came in the form of venture debt.

The round also saw participation from Insignia Ventures Partners and KVision, the corporate VC arm of Thailand’s Kasikorn Bank.

Including the funding it announced in February last year, RateS has raised a total of US$10 million in the series A round.

Jake Goh, RateS co-founder and CEO / Photo credit: RateS

Founded by Jake Goh and Jing Rong Lim in 2016, RateS has built a network of resellers to whom it provides tools to simplify orders, logistics, and payment processes.

The company plans to use the fresh funds to expand its supply chain from China, hire more staff members for the product and engineering teams, and grow its private-label brands Hozu and Kidzu. It also aims to raise a series B funding round in the second half of this year.

RateS currently has around 100 employees, most of whom work in tech as well as the sales and community division.