China’s Jet Commerce banks $60m in Series B financing

Brand e-commerce service provider Jet Commerce announced that it raised over $60 million in Series B funding round jointly led by Jinqiu Capital, Hidden Hill Capital, and Zhejiang SilkRoad Fund.

Hui Capital and other institutions, including ATM Capital, who was involved in a tens of millions of dollars Series A funding round, also participated in the round.

The company said it will use the fresh funds 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.

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.

The company 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%.

“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,” said Oliver Yang, founder and CEO of Jet Commerce Group.

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.