The Bangkok-headquartered company, which provides backend tech and logistics for a range of online retailers, including Japanese messaging app Line, previously raised a $10.7 million Series A back in June 2014. This new injection of capital comes from existing backers Ardent Capital, Indonesian conglomerate Sinarmas and Inspire Ventures.
Logistics, like payments, is an area of focus for a number of tech companies in Southeast Asia given the generally poor quality of infrastructure across the region. Alibaba previously invested $249 million in SingPost to smooth out its operational network in Southeast Asia, while a number of commerce firms have raised significant sums of money — including Tokopedia, which took $100 million from SoftBank and Sequoia — with a view to targeting the region’s 600 million cumulative consumers.
aCommerce had been expected to close its Series B round this summer, but Group CEO and co-founder Paul Srivorakul told TechCrunch that the round has been deferred so the company can focus on execution.
“We’re getting momentum so internal investors wanted to focus on growing the business in order to raise a bigger (Series B) round,” he explained.
In particular, aCommerce said that its business in Indonesia “has exceeded forecasts” due to the rise in new players entering the e-commerce space. While the company didn’t give specific names, retail conglomerate Lippo Group is a prominent example, having poured $500 million into its upcoming MatahariMall business.
Srivorakul said aCommerce’s regional revenue has increased by 700-800 percent over the past year, though he did not provide raw figures. With growth continuing, he said that giving the company more time will help it shape its business for a healthier Series B round.
“We’re thinking about how much value we can add over the next eight to nine months [before the Series B],” he added. “This additional time allows us to really execute.”
As and when it is time to raise, Srivorakul — who has exited three startups, including Ensogo, which was bought by Living Social in 2011 — expects that aCommerce will bring in more than $30 million in fresh capital. That would be notable by fundraising standards in Southeast Asia, but the company is building a regional business and is playing in the logistics and commerce space — all of which makes its business a capital-intensive one.
Srivorakul said he and his executive team have been approached by “many” potential investors so, in addition to focusing on developing its business, aCommerce needs to select the right investor team to take it forward.
Note: The original version of this story pegged aCommerce’s upcoming round at $100 million; that has now been corrected to $30 million.