Una Brands, a Singapore-based e-commerce aggregation startup, has officially launched after raising $40 million in seed funding round, one of the biggest seed funding in the region, from a host of global investors, including early-stage venture capital firm 500 Startups.
The fresh capital will be used to acquire and scale e-commerce brands operating in Asia, particularly companies that have annual revenue between $300,000 and $20 million and strong independent branding, Una Brands said in a statement.
The startup is sector agnostic and will acquire business operating across leading platforms such as Lazaday, Amazon, Shopee, and Shopify, among others. The goal is to help these businesses scale their operations and handle more sales online.
The launching of Una Brands comes as more than 10 million third-party sellers are now operating on regional platforms across Asia Pacific. The e-commerce growth is also further fueled by the COVID-19 lockdown that has created a huge surge in online shopping demand.
The lockdown, according to Una Brands CEO Kiren Tanna, has encouraged many people to try shopping online for the first time and has created a behavioural shift in consumer habits.
The problem, however, starts when business owners get bogged down in the operational process when their businesses get beyond a certain size.
“They also often do not have the capital or expertise to take the brand to where they want to go. By partnering with Una Brands, brands can turbocharge their growth into new markets and channels,” Tanna added.
Tanna is the former CEO of Rocket Internet Asia and founder of Foodpanda and ZEN Rooms.
Aside from 500 Startups, the funding round was also backed by Kingsway Capital, 468 Capital, Presight Capital, Global Founders Capital, among others. Maximilian Bittner, the current CEO of Vestiaire Collective and former CEO of Lazada, also participated in the funding round.
Commenting 500 Startups’ investment, managing partner Khailee Ng said the VC firm sees a huge and growing e-commerce market in Asia Pacific and that there is a huge opportunity for consolidation and optimization.