(From left) Rainforest co-founders Per-Ola Röst, JJ Chai, and Jason Tan / Photo credit: Rainforest

Rainforest, a Singapore-based ecommerce roll-up firm, reported significant revenue growth for the 2022 financial year, reaching US$37.5 million from US$4.2 million in the previous year. This marks a roughly 9x increase.

The company also announced that it has secured US$21.5 million in a convertible note round from existing investors, including Canopy Tropics, Monk’s Hill Ventures, Insignia Venture Partners, and January Capital. This brings Rainforest’s total funding to over US$100 million.

Rainforest said the revenue growth came off the back of its acquisition of six brands in 2022, as well as the organic growth of its previously acquired brands. At the start of last year, the company had said that it looked to deploy US$100 million for such acquisitions.

Rainforest’s current portfolio consists of 16 brands, mainly in the home as well as mom and baby spaces. They include Babbleroo, Lilly’s Love, ComfyBumpy, and Baby Deedee.

Additionally, the company incurred a net loss of US$10 million for FY 2022, compared to US$2.1 million in the prior year. Rainforest attributed this to its continued investment in its team and tech platform to operate and grow its portfolio of brands.

“What the filed numbers don’t show is that the team had also made fantastic inroads towards profitability, leading us to EBITDA profitability in 2023,” said JJ Chai, CEO and co-founder of Rainforest.

It expects to make further acquisitions before the end of 2023, including brands with omnichannel distribution channels. The company also plans to expand its geographical presence and product development for its brands.

Focusing on acquiring and growing Amazon marketplace sellers in Asia Pacific, Rainforest was founded in 2021 by Chai and his co-founders Jason Tan and Per-Ola Röst. The three previously held executive positions at companies like Ovo, Fave, and Airbnb.

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