Singapore-based e-commerce enabler, Cococart has raised US$4.2 million in a seed round led by Forerunner Ventures and Sequoia Capital.
The fresh funds will be used to expand the current team, acquire more customers and penetrate new markets.
Other Investors in This Round
- Y Combinator
- Uncommon Capital
- Soma Capital
- Liquid 2 Ventures
- CEO of Fitbit, James Park
- CEO of Curated, Eduardo Vivas
History of Cococart
- The company was founded by Derek Low and Zhicong Lim in 2020.
- The idea came about when Derek Low realised that other home businesses would struggle to create their own e-commerce platform when building one for himself.
- Cococart is a one-stop ordering platform that enables merchants to easily set up an online store with no code, no design and no app downloads.
- The store comes with everything from order management to mobile payment solutions.
Key Highlights
- Cococart is profitable since its inception, with more than 20,000 registered merchants in 90 countries.
- To date, the company has amassed over 500,000 orders worth more than US$15 million.
- During 2021, Cococart increased its merchant and customer base by 30x and 46x, respectively.
- As for the company's team, it grew from just the two founders to 22 people across 12 countries.
- Cococart is also part of Y Combinator’s S2021 batch.
“Our goal is to define the next generation of commerce. There are still so many challenges in starting and running a business that we want to solve, from deliveries to supply chain to financing. We see a massive opportunity in front of us and we want to bring Cococart to 200 million businesses worldwide,” said Derek Low, CEO of Cococart.
