aCommerce, a Bangkok-based startup that helps to establish product sales of brands, has announced that it has raised more than US$10 million in fresh funding from existing investors, including KKR & Co, as reported by Bloomberg.
The company said it will use the funding to drive expansion and stay on course for its 2020’s IPO plan.
“We plan to raise another US$5 million by the end of this year as part of our extended Series B or early-stage funding round,” said Chief Executive Officer Paul Srivorakul
“We have ambitions for an IPO that forces us to grow a healthy, valuable business,” Srivorakul added.
Back in September 2018, the company first expressed its desire to go IPO either on the Singapore Stock Exchange (SGX) or Stock Exchange Thailand (SET). The plan was to use the capital raised through the IPO to become a data partner for brands, providing centralised data about a customer and eventually be able to offer customised products or services to each target group.
aCommerce was founded in May 2013, focusses on providing e-commerce technologies and solutions. Its services include performance marketing, channel management, webstore design and operations, content production, order fulfillment and warehousing, delivery and logistics and localised customer care.
Currently, it has offices in Singapore, Indonesia, Thailand, Malaysia, and the Philippines.