In Finance, Retail

Singapore-based influencer commerce platform Raena has closed a $1.82 million seed funding round led by Beenext and with participation by Beenos and Strive.

WHO: Founded by former Google and Amazon executive Sreejita Deb, Raena was launched in early April as a destination for Indonesian customers to purchase niche beauty brands from Japan and Korea. However, the focus has moved to being an “influencer commerce platform” based in southeast Asia that partners with social media influencers to build consumer brands. The company offers services beyond paid promotions marketing for existing brands, and helps influencers launch brands and businesses of their own. So far, Raensa has recruited seven influencers in the last two months and will be working with them to launch brands that are highly relevant for over 12 million followers.

IN THEIR OWN WORDS: “While individual influencer led brands such as Huda Beauty, Kylie Cosmetics have seen success, we felt the larger opportunity was to build an underlying infrastructure of capital, suppliers, operations, content and marketing best practices and distribution that any influencer could tap into to launch their own brand,” Deb said.

“As early investors in companies such as Bukalapak and BerryBenka, we have been noticing the rising trend of  Social Commerce in Southeast Asia and India. In addition, these markets are under-penetrated by global CPG brands and incumbents are iterating at a very lethargic pace. Raena is well poised to capture this market by building Social-first brands along with top influencers, and we are very excited to work with Sreejita again in this journey,” said Strive partner Nikhil Kapur.

DETAILS: 

  • Raena closed a $1.82 million funding round led by Beenext and with participation by Beenos and Strive.
  • The round also saw the participation of non-institutional investors such as Blume Ventures managing partner Sanjay Nath, and Shailesh Rao, a partner at TPG Growth and Rise Fund – ASEAN and India. Rao made the investment in his personal capacity.
  • Raena’s team includes people who previously worked at Google, Amazon, Alibaba, Zalora, beauty brand Foreo, Indonesian education start-up Ruangguru, and Benscrub, an online skincare store.
  • The company draws on their connections to product development teams, suppliers, and distribution networks in India, China, Japan, and Korea.

Photo: via Raena

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