iCommerce Asia attracts $2m in funding round
Singapore eCommerce supply-chain management startup iCommerce Asia has raised S$2 million (US$1.3 million) in a pre-Series A funding round.
It launched in April with modest seed funding of $300,000 from an Indonesian angel investor, with its latest investors including Cooper Mcguire and Harry Markl, the former CFO and former Co-CEO respectively of Zalora Group, Carro.sg CEO/founder Aaron Tan, former Salesforce regional VP Ismail Shariff and JYSK Group CEO Janifer Yeo-Tan.
iCommerce Asia founder/MD Ali Ridha Madihid has 12 years’ experience working in logistics for companies like Sats Cargo and online shopping site Zalora, where he was regional director of operations and supply chain.
The startup’s clients include Charles & Keith, Cotton On Group, Fashion Valet, Hachi.Tech (powered by Singapore IT retailer Challenger) and Heatwave Shoes. They all use iCommerce’s supply-chain network for both domestic and international eCommerce order fulfillment, including seamless customs clearance.
Meanwhile, iCommerce has noticed huge opportunities in Indonesia, which it describes as “prohibitively difficult” for exporters, resulting in most fulfillment companies focussing only on the domestic market. In contrast, iCommerce’s Indonesia business has international business-to-consumer (B2C) model, shipping into Indonesia from countries such as China, Hong Kong, Korea, Malaysia, Singapore and Taiwan.
One of iCommerce’s main goals is to help Singapore SMEs such as Anothersole.com, Birue by Nad, Haslinda Ali Fit Fab, Propupstore and Vermillion into Indonesia by connecting them to marketplaces such as Matahari Mall, with centralised fulfillment from its Singapore distribution centre.