Secures over $60 million in Series B financing, Jet Commerce strengthens its ecosystem
10 August 2022
Jet Commerce, a one-stop service provider for brand e-commerce focusing on emerging markets, officially announced the completion of over US$60 million in Series B financing. This round of financing was jointly led by Jinqiu Capital, Hidden Hill Capital, and Zhejiang SilkRoad Fund. Hui Capital and other institutions, including ATM Capital, which previously involved in a tens of millions of dollars Series A funding round, is participating in this series as well.
The new funds will be used to upgrade operational infrastructure, hire more local talents, strengthen its Multi Channel Network operations, improve digital management and research and development of SaaS systems, and improve its professional brand incubation ability.
Oliver Yang, founder and CEO of Jet Commerce Group, said “Thanks to Southeast Asia’s young demographic structure and increased mobile internet penetration rate, the scale of e-commerce in Southeast Asia continues to grow rapidly, market prospects are optimistic, and e-commerce ecological opportunities continue. Due to the differences in culture, market, and consumption habits among Southeast Asian countries, there are high requirements for the localized service capabilities of regional companies, which Jet Commerce will also focus on. In addition, we will continue to strengthen our localization capabilities, expand our online market channels, and deepen our services. We also have distinct advantages in areas such as logistics and technical support, and we look forward to collaborating with more like-minded partners to build a prosperous online market.”
Yang Jie, Founding Partner of Jinqiu Capital, stated “Jinqiu Capital is committed to identifying exceptional companies and entrepreneurs with a global vision who use technology to influence and change the world. Jet Commerce has now grown into a market leader in the Indonesian e-commerce brand operation industry, and has expanded its advantages in more countries. According to our perspective, the advantages of cross-border industrial resources assist Jet Commerce in becoming a new generation of the world’s leading brand service and brand-management company. I am delighted to be working with Jet Commerce this time, and Jinqiu Fund looks forward to collaborating with Jet Commerce and its shareholders.”
Meanwhile, Hidden Hill Capital, one of the series’ lead investors is optimistic on the potential of the e-commerce sector in emerging markets such as Southeast Asia.
“The entire market will rapidly move online and focus on branding, as we can see. Based on the complexity of the e-commerce operating environment in emerging markets, we believe e-commerce services will be more valuable, and Jet Commerce can stand out as a global one-stop e-commerce service and a leading player in brand incubation, if we look at the general trend of China’s supply chain going overseas to emerging markets,” said Dongfang Hao, Chairman and Managing Partner of Hidden Hill Capital.
Same thing was expressed by Wang Haitong, CEO and Chief Investment Officer of Zheijang SilkRoad Fund, who said that with Jet Commerce’s rich experience from China’s more-advanced e-commerce industry, and the ability to localize its strategy across the countries where the company is located, has made Jet Commerce a leader in the industry and able to expand its business to many other countries.
“In just five years, Jet Commerce has been able to help top global brands expand their market regionally. We believe that by rapidly replicating and implementing previous successes, a positive two-way cycle between brands and local markets can be established. We will provide full support in collaborating with Jet Commerce to better serve global consumers, setting the model for local e-commerce operations, and establishing the benchmark for brands seeking to go overseas.” Haitong continued.
Jet Commerce was founded in Indonesia in 2017 and has rapidly expanded its operations to other Southeast Asian countries over the last five years. To further strengthen its regional business, the company formed Jet Commerce Group and established its headquarters in Hangzhou, China, in 2020.
Today, Jet Commerce has expanded its business to assist brands in expanding their e-commerce market overseas, offering end-to-end services in six key sectors: strategic consulting, online store operations, integrated marketing, customer service, and consumer management, warehouse and logistics services, as well as e-commerce technical support. Jet Commerce now has over 1,000 employees in China, Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Singapore, and Brazil, with local talents account for more than 90 percent.
Jet Commerce has forged close relationships with giant e-commerce platforms such as Shopee, Lazada, and Tiktok, as well as collaborated regionally with well-known global brands such as OPPO, Unicharm, DJI, Nivea, Shiseido, Wipro, and more, thanks to its long-term focus and deep cultivation in the cross-border e-commerce services.
In addition, Jet Commerce has just completed the site layout in Brazil this year. Jet Commerce’s future goal as the first site to enter the Latin American market is to become a data-driven global company that provides one-stop global brand services and brand incubation, leading the way for more brands and sellers to grow.