SG's Asia Partners leads $38m funding in e-commerce enabler SCI Ecommerce
SCI Ecommerce, founded in Singapore in 2014, provides end-to-end e-commerce enablement services to brands in China and Southeast Asia through a unified cross-border platform.
The company enables product and brand exposure on Southeast Asian e-commerce marketplaces like Shopee, Lazada, Qoo10, ezbuy, Tokopedia, Bukalapak, and Blibli, as well as major Chinese platforms including Alibaba’s Tmall Global, JD Worldwide, WeChat, and NetEase’s Kaola.
According to a Bloomberg report, SCI Ecommerce is planning a listing in New York as early as the end of this year with a market valuation of $1 billion.
The report is in line with what Joseph Liu Jiannan, founder and CEO of SCI Ecommerce, disclosed to DealStreetAsia last year. He had said in an interview that the company was looking at going public within the next 18 to 24 months.
In a statement, SCI said it will use the fresh investment to develop its next generation of software tools for brand partners, as well as expand its geographic capabilities for cross-border e-commerce operations and fulfillment.
SCI Ecommerce has previously completed three funding rounds largely from individual investors between 2015 and 2018.
Its shareholders include Chinese billionaire Pang Shengdong, who founded web directory 2345 Network Holding Group, Singapore’s “popiah king” Sam Goi, Alibaba co-founder James Sheng, and Stanley Zhang, managing partner of Singapore-based Jubilee Technology Fund.
The lead investor in this funding round, Asia Partners, recently secured the final close of its inaugural PE fund at $384 million, making the vehicle the largest debut technology fund focused specifically on Southeast Asia.
Asia Partners I seeks to make investments starting from $20 million across Southeast Asian tech startups.