Cococart CEO Derek Low
Singapore-based e-commerce enabler Cococart has received US$4.2 million in a seed funding round led by Forerunner Ventures (US) and Sequoia Capital.
Existing investor Y Combinator, Uncommon Capital, Soma Capital, Liquid 2 Ventures, James Park of Fitbit, and Eduardo Vivas (Curated CEO) also joined the round.
The startup will use the new funding to grow the team, accelerate product development, and expand to other countries.
“We’re just getting started. 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. Our goal is to define the next generation of commerce,” said Cococart Co-Founder and CEO Derek Low.
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Founded in 2020, Cococart currently has merchants present in over 90 countries. The company aims to transform local businesses and enable new ways to sell online. The firm claims merchants can set up their storefront in minutes with no code, no design, no app downloads.
Most local businesses are still taking orders on WhatsApp and managing their orders using spreadsheets. With Cococart, they can set up a website with no learning curve. The store comes with everything from inventory management to mobile payment solutions.
Since its launch, Cococart claims to have grown to support over 20,000 businesses in more than 90 countries, taking in over 500,000 orders.
In 2021, the company grew its merchant count by 3000 per cent and customer base by 4600 per cent, according to Low. In that same time, the company grew their team from two founders to 22 people across 12 countries.
“At Forerunner, we believe the next revolution in commerce will be driven by empowered sellers,” said Kirsten Green, Founder and Managing Partner at Forerunner. “Cococart embodies this shift by enabling small businesses to manage online ordering and unlock new growth easily. E-commerce tools like Cococart stand to enable a growing generation of companies to compete and scale more efficiently.”
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