Aditya Hadi Pratama · · 1 min readSingapore ecommerce enabler bags $4.2m from Sequoia, YC, others
Cococart, a Singapore-based ecommerce enabler, has raised US$4.2 million in seed funding. Forerunner Ventures and Sequoia Capital led the round, which saw participation from Y Combinator.
Cococart co-founder Derek Low / Photo credit: Cococart
With its inventory management, logistics, and payments offerings, Cococart helps business owners set up online stores. It was established in 2020 by serial entrepreneur Derek Low and engineer Zhicong Lim.
The company supports more than 20,000 merchants in over 90 countries. Last year, the number of merchants and end customers on Cococart increased by 31x and 47x, respectively.
In a statement, Cococart said it has around 22 employees and has been profitable since its establishment. To date, it has facilitated more than 500,000 orders worth over US$15 million.
Cococart is also part of Y Combinator’s S21 cohort.
See also: Can Indonesia’s Shopify-like startups usurp ecommerce giants?
The startup plans to use the fresh funding to make new hires, accelerate development, and expand to more countries.
Other investors in this round include:
- Uncommon Capital
- Soma Capital
- Liquid 2 Ventures
- Fitbit chief executive James Park
- Curated CEO Eduardo Vivas
Editing by Miguel Cordon and Eileen C. Ang
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