Singapore-based e-commerce solutions provider The Commerce Co has raised $10 million in a Series A funding round, according to regulatory filings.
Venture capital (VC) firm Openspace Ventures invested $6.5 million in the round, while Singapore-based Jungle Ventures chipped in with $3.5 million, the startup’s filings with Singapore’s Accounting and Regulatory Authority (ACRA) showed.
The Commerce Co is also allotting Series A shares worth $5.5 million to Jungle Ventures under a convertible note agreement.
Separately, it has granted an option to Openspace Ventures to enter into a convertible note agreement under which the VC firm can provide up to $6 million in additional funding.
ACRA filings typically only reflect the equity funding received so far. The funding round could be larger and have other components such as debt. DealStreetAsia has reached out to the company for comment.
The Commerce Co was founded in 2022 by Patrick Barnes, who built and led SaaS firm TradeGecko as its CEO. Cameron Priest, who was the first vice-president of sales at TradeGecko, later joined the startup as director and co-founder.
The startup builds, acquires, and develops e-commerce tools that help merchants manage their day-to-day operations. It also provides community support, training, and educational tools to founders.
The platform has more than 10,000 users and counts brands such as Goodwill Wine, Porvata, Packstore, and Everyhuman, among others, as its clients, according to its website.
It currently offers two apps, Addition and Slide Cart. Addition is a shipment app used by merchants across the e-commerce ecosystem in Australia, from houseplants to gourmet snacks, and luxury luggage to BMX accessories.
Slide Cart, on the other hand, allows merchants to upsell and cross-sell items, offer rewards and coupons, as well as make announcements on their e-commerce sites.
Shareholders in The Commerce Co
Fundraising by e-commerce startups touched a two-year low at $200 million in Q1 2023, according to a recent report by DealStreetAsia’s DATA VANTAGE.
On Wednesday, Singapore-based AI-driven SaaS startup Advance Intelligence Group announced raising $80 million led by existing investors Warburg Pincus and Northstar Group.
Earlier in February, Indonesia’s SIRCLO was said to have finalised a $30-million round from existing investors, DealStreetAsia reported. In January, another Indonesian e-commerce enabler startup, Desty, raised $4.35 million in a new funding round led by East Ventures (Growth Fund).