SINGAPORE (THE BUSINESS TIMES) - Rainforest, an e-commerce brand aggregator headquartered in Singapore, is launching with US$36 million (S$48.1 million) in seed financing to buy and grow Asia-based brands that sell on Amazon.
The round comprised US$6.5 million in equity financing led by Nordstar, with participation from Insignia Ventures Partners. A US$30 million committed debt facility was raised from a US-based debt fund.
JJ Chai, chief executive officer of Rainforest, said the debt is not convertible but involves a single-digit percentage of warrants attached. The debt covenants include the requirement to acquire profitable brands with sufficient track record, and that Rainforest maintains a healthy interest coverage ratio, he told The Business Times.