Berrybenka Now Grows Commerce, Announces Initial Funding Of 100 Billion Rupiah

Berrybenka announces name change (rebranding) to "Grow Commerce" which concept e-commerce rollup than before company E-commerce. At the same time, the company led by Jason Lamuda also announced the acquisition of a $7 million (over IDR100 billion) seed funding led by AC Ventures, followed by East Ventures and IRONGREY.

The fresh funds will be used to drive a series of acquisitions of more brands and create more advanced technology to support operational aspects to accelerate their growth.

In an official statement, Founder & CEO GrowCommerce Jason Lambuda said Grow Commerce took the position of House of Brands with strong operational experience in building and supporting local brand growth. One example of this success can be seen from the aspect of sales distribution. He and the team have developed the platform online own, build a chain of stores offline, expand and sell in various markets online.

"On the journey, we understand there are many difficult points (pain points) and overall needs that must be met from the owner's side brand. Grow Commerce is here to overcome these challenges. We hope that we can partner with more local brands and entrepreneurs in the region," said Jason, Tuesday (15/2).

Founder and Managing Partner AC Ventures Adrian Li added, with more than 10 years of experience in the E-commerce, Jason and the team are well positioned to enter the next phase of building Grow Commerce as a brand aggregator E-commerce leading.

“With the current funding round, Grow Commerce has made strong plans to acquire fast-growing brands, increase front-line sales, and expand a broader supply chain. Grow Commerce is well positioned to execute this plan to achieve both short and long term goals, and AC Ventures will be a part of this journey,” said Li.

Already have 4 brand portfolios

Sebagai e-commerce rollup using a business model Thrasio-style, Grow Commerce works by acquiring fast-growing digital-based brands. This region is considered the right area to operate this business model, because most of the population are internet-based users mobile devices. Thus, there is a mix of DTC and sales distribution channels online, and the continuing relevance of retail offline.

Currently, Grow Commerce has four portfolios that claim annual revenues of $20 million combined. The brands are Berrybenka, Aleza, Kottonville, and BBS. All of them are fashion brands.

After leading and developing Berrybenka, digital-based fashion brand First, Jason and the team understand the challenges and aspirations of local brand owners and what it takes to grow such a business exponentially. With this expertise, Grow Commerce leverages proprietary analytics and technology data in selecting potential categories and brands to acquire.

They offer flexible and transparent solutions for brand owners to join Grow Commerce and grow their business together. Once part of the company, the portfolio will be equipped with various advanced and proven omnichannel growth strategies, such as Berrybenka and Aleza which have delivered QoQ sales growth more than doubled to tripled.

As an expert marketplace, the Grow Commerce team keeps a close watch on the brand's supply chain operations and customer experience to ensure that their sales growth is fast-paced, and prevent a decline in customer confidence. Grow Commerce has increased their team size to over 150 people, and are optimistic that it will grow significantly over the next six months, as their revenue grows.

Train e-commerce rollup

Grow Commerce enliven the market e-commerce rollup in Indonesia which was previously filled by Hypefast, OpenLabs, Una Brands, and Tjufoo. The spread of the concept Thrasio-style This is supported by the more mature ecosystem E-commerce. They act as new era brand aggregators, acquiring promising D2C companies to ensure operational excellence and rapid growth, thereby creating value for investors.

Interestingly, each of the startups present here was founded by former high-ranking executives in the company E-commerce. Hypefast was founded by Achmad Alkatiri who previously worked for Lazada Indonesia, OpenLabs by Jeffrey Yuwono who is one of the founders of Sorabel.

It is predicted that local D2C brands will remain an attractive segment in the development of the e-commerce industry, especially since their penetration continues to show an increasing trend in Indonesia. Referring to the e-Conomy 2021 report, E-commerce will remain the biggest driver of the digital economy in the country. The sector is predicted to grow from $35 billion in 2020 to $53 billion in 2021. The CAGR of the sector is projected to increase by 18% to $104 billion by 2025.