Chinese investors back emerging markets e-commerce enabler
Jet Commerce, an e-commerce enabler that helps brands sell into emerging markets, has raised over USD 60m in Series B funding led by Jinqiu Capital, Hidden Hill Capital, and Zhejiang SilkRoad Fund.
Hui Capital and ATM Capital also participated, according to a statement. ATM led a Series A worth millions of dollars in February.
Jet Commerce was founded in Indonesia in 2017 but established its headquarters in Hangzhou, China in 2020 with a view to strengthening its regional platform. The company is also expanding into Vietnam, Thailand, the Philippines, Malaysia, Singapore, and Brazil. It claims a headcount of more than 1,000.
Jet Commerce aims to help brands realise online sales growth. Ultimately, it wants to become a data-driven business that provides a global one-stop service, including brand incubation. The new capital will support infrastructure upgrades, recruitment, stronger multi-channel network operations and digital management, and the development of software-as-a-service systems.
The company works with brands like cosmetics players Shiseido and Nivea, mobile phone manufacturer Oppo, and drone maker DJI. It also has close relationships with mainstream e-commerce platforms such as Shopee, Lazada, and Tiktok.
Oliver Yang, founder and CEO of Jet Commerce Group, said that Southeast Asia's young demographic structure and increased mobile internet penetration rate have paved the way for the scaling-up of e-commerce. With this comes a need for localized service capabilities due to the differences in culture, market, and consumption habits.
“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," added Yang Jie, a founding partner of Jinqiu. He noted that the company's cross-border resources can help it become a world-leading brand services and management business.
Jie was previously a director in ByteDance's investment division and before that worked for Sequoia Capital China.
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