Startups & Tech

Indonesian fashion brand aggregator Grow Commerce bags US$7m from AC Ventures, East Ventures

Published Tue, Feb 15, 2022 · 12:07 PM

GROW Commerce, an aggregator that builds up Indonesian fashion brands, has raised US$7 million in seed funding from venture capital firms led by AC Ventures, with participation from East Ventures and Irongrey.

According to a statement on Tuesday (Feb 15), Grow intends to use fresh funds to acquire more brands, expanding on its current portfolio of 5 brands, which bring in US$20 million in annual revenue.

Grow sells lifestyle and fashion products across multiple online marketplaces including Shopee and Tokopedia, physical stores, resellers, social media and its own branded channels, said its founder and chief executive Jason Lamuda in an email interview.

One of its portfolio companies is Sorabel, which liquidated when it previously operated as an e-commerce fashion startup. Sorabel's sales plunged during the pandemic and it closed its doors in 2020.

Grow bought over Sorabel - for an undisclosed amount - and was able to transform it into a profitable lifestyle brand, said Lamuda.

Founded in 2013, Grow rebranded from Berrybenka. It shared the same moniker as Berrybenka, an online fashion store led by Lamuda and is currently also one of Grow's portfolio companies.