RateS bags Series A funding led by Vertex and Genesis Alternative Ventures

Indonesian social commerce platform RateS has closed a Series A round led by Vertex Ventures Southeast Asia & India, and venture debt firm Genesis Alternative Ventures.

An article written by Garage – Businesstimes.com.sg. Read the full article here.

The undisclosed funding will be used to accelerate RateS’ expansion in Indonesia’s underserved tier two and three retail markets via its reseller base of more than 500,000 agents.

Jake Goh, CEO and co-founder of RateS, said the company has seen resellers’ incomes increase by up to 50 per cent since joining its platform.

“As with many other models we have seen, e-commerce marketplaces in South-east Asia have long evolved into a race-to-the-bottom with cash serving as the only standing moat,” said Chua Joo Hock, managing partner at Vertex Ventures Southeast Asia & India.

Read the full article here.