• In its regulatory filings, Rainforest reported US$37.5m in revenue for financial year 2022, 9x growth over the US$4.2m in the previous year
• It also announced a further US$21.5m funding round from existing investors, including Canopy Tropics, Monk’s Hill Ventures, Insignia Venture Partners and January Capital
• The funds will be deployed for new acquisitions, growth in new channels and product innovation
• Rainforest now operates 16 brands, mainly in the parenting and kids category, including Babbleroo, Comfy Bumpy, Baby DeeDee and Lilly’s
Singapore, 3 Oct 2023 - Rainforest, an e-commerce house-of-brands focused on modern parents, made its regulatory filings for financial year 2022, reporting revenue of US$37.5m which represents 9x growth over the US$4.2m in the prior year. This was achieved on the back of acquiring six brands in 2022, as well as organic growth of its previously acquired brands. Net loss in its second year of operation grew at a relatively slower rate as it posted a loss of US$10.0m vs US$2.1m in the prior year, as the company continued to invest into its team and technology platform to operate and grow its portfolio of brands.
Rainforest also announced that it has raised US$21.5 million in a convertible note round from existing investors including Canopy Tropics, Monks Hill Ventures, Insignia Venture Partners and January Capital. Combined debt and equity funding for Rainforest has totaled over US$100 million to date. It expects to deploy the funds towards new acquisitions and platform capabilities to accelerate channel expansion, geographical expansion and product development for its brands.
JJ Chai, CEO, and Co-Founder of Rainforest said “I’m pleased with how we navigated a challenging year in 2022 to post strong revenue growth. 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. Our investors have recognised this and continued to support us with fresh capital. We’re grateful for their support, allowing us to take advantage of a market where only a handful of teams are acquiring and there’s amazing talent available to add to the team”
Rainforest now operates a portfolio of 16 brands, mainly in the parents and kids categories. Some notable brands in its portfolio include Babbleroo - a leading diaper backpack brand, Lilly’s Love - a toy storage brand, Comfy Bumpy - a baby furniture brand and Baby Deedee - a baby sleepwear brand. It expects to make further acquisitions before the close of the year, including brands with more omnichannel distribution channels.
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