CloudCommerce, the one stop cross border e-commerce solution for SMEs, announced that it has secured Pre Series A funding led by Expara (Thailand), a Southeast-Asia focused VC, currently managing the SMEs Private Equity Trust Fund for Government Saving Bank (GSB) and The Stock Exchange of Thailand (SET). CU Enterprises and 500 Tuktuks also participated in the round. The new funding will be used to help fuel CloudCommerce’s presence as leading end to end solution for cross border e-commerce businesses in Southeast Asia.
Launched in 2016, CloudCommerce currently provides three services. FastShip, a global logistic platform for cross border e-commerce. Next, CloudMall, an end to end e-commerce solution, helping SMEs and corporates sell their products in global marketplaces. Lastly, FastBox, a global fulfilment platform for e-commerce. Through this round, CloudCommerce expects to demonstrate revenue growth, repeatability, and expansion of their team.
“The offline business is now starting to move into online platforms to generate more income,” says Wootinun Sungong, CEO and Founder CloudCommerce. “There is a lot of potential for Thailand and SEAs countries to export their products to international countries through marketplaces such as Amazon, eBay and Alibaba etc. Prior to establishing CloudCommerce, I have been running an export business for more than 15 years, selling products to global marketplaces. I see this as a huge opportunity for small and medium enterprises to bring out their products to catch more customers from other regions. However, small and medium enterprises always experience difficulties when selling and shipping their products overseas. CloudCommerce was established to address this issue and have been successful with almost 20,000 merchants in our platform.”
According to Anix Lynch, partner of Expara (Thailand) and lead investor in this round, cross-border e-commerce in Asia Pacific has been growing rapidly at over 14% CAGR for the past couple of years. In Southeast Asia, cross-border e-commerce attributes to over 40% of the total e-commerce market for the region. “With the rise in internet and mobile usage, consumers gear towards e-commerce purchases rather than traditional offline channels. SMEs adapt to such changes, however, they tend to struggle with logistics and selling outside of their domestic markets. CloudCommerce takes advantage of this opportunity and provides a one stop cross border e-commerce solution. We are excited to grow with the company and believe that their expertise as well as experience in this field will help them achieve their goals.”