Indonesian fashion e-commerce Berrybenka raises Series B strategic investment from transcosmos
Berrybenka, one of the fashion e-commerce companies in Indonesia has raised Series B investment from transcosmos inc. GREE Ventures, Inc. has also participated in this investment round. The round was of nearly $5 million and is one of the largest Series B rounds in Indonesia. Berrybenka has earlier raised their seed funding from East Ventures in 2012 and Series A funding from GREE Ventures earlier this year.
Berrybenka collaborates with both local and international fashion brands, focusing on fashionable yet affordable clothing lines for Indonesian females, ranging from dresses, tops, outers, accessories, shoes to bags. They work with fashion brands and also local designers. They act as the online platform to sell the products at affordable prices and currently they have collaborated with more than 500 local brands.
With the addition of new funds, Berrybenka will be expanding into new product categories. They will also expand its logistical capabilities and launch mobile apps to improve customers’ shopping experience. Jason Lamuda, CEO of Berrybenka.com said, “We are extremely excited to have transcosmos inc. lead our Series B round. They are a strategic partner who has extensive experiences in end-to-end E-Commerce solutions globally, and will be an integral partner in our path to become the locally bred, leading fashion E-Commerce in Indonesia. Be on the lookout for exciting new changes coming to Berrybenka.com such as Cash On Delivery and 1-day delivery options, new product categories, mobile apps and personalization/recommendation service, just to name a few.”
transcosmos is headquartered in Tokyo, Japan, and has acquired more than to 30% of the outstanding equity in Berrybenka. GREE Ventures, Inc. makes investments in startups that have the potential to play an active regional role in East Asia and Southeast Asia. It is the venture capital arm of GREE, Inc., a global mobile social company.
