Cococart, an e-commerce startup based in Singapore announced its plan to expand its footprint in Australia after securing US$4.2 million in seed funding.
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Founded in 2020, Cococart currently supports more than 25,000 merchants in 95 countries—from setting up their online storefront to inventory management, mobile payments solutions, and logistics services.
With the platform, merchants can access their orders, inventory, and payments from their dashboard as well as unlock premium features as they grow. To date, Cococart has expedited more than 600,000 orders worth over US$20 million.
Its massive adoption during the start of the pandemic resulted in a 3,000 percent growth in merchant count and 4,600 percent growth in customers, according to its CEO Derek Low.
Australian social commerce shops such as Little Lilac Desserts, Fiora Cakes, Graze with CK, Three Sisters Bakery, Silent Sift, and Miss Misu Dessert Studio, are some of the local businesses that have grown alongside the startup.
Co-founders Derek Low and Zhicong Lim are set to double down on growth, with a focus on Australia, as well as other untapped social commerce markets like India and Indonesia.
“I believe merchants are constantly finding new ways to thrive online, and we need to empower them with services that’ll evolve as they grow,” said Low.
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Cococart is part of Y Combinator’s S21 cohort. Its recent seed funding included capital raised from Forerunner Ventures, Sequoia Capital, Uncommon Capital, Soma Capital, Liquid 2 Ventures, Fitbit Chief Executive Officer James Park and Curated Chief Executive Officer Eduardo Vivas.