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Sequoia-backed startup, Cococart, set to transform e-commerce space in Australia

2022-03-23 05:00 2633

SINGAPORE, March 23, 2022 /PRNewswire/ -- Cococart, an e-commerce startup based in Singapore is making new waves in Australia, after securing $4.2 million in seed funding to expand its growth internationally.

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 many local businesses that have grown alongside the startup, which aims to empower local businesses to sell online.

Founded in 2020, Cococart currently supports more than 25,000 merchants in 95 countries—from setting up their online storefront in minutes, to inventory management, mobile payments solutions, and logistics services without a single line of code.

Create a simple, beautiful store in minutes with Cococart.
Create a simple, beautiful store in minutes with Cococart.

How it works

Merchants can access their orders, inventory, and payments intuitively 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% growth in merchant count and 4,600% growth in customers, according to its CEO Derek Low.

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.

Low hopes that tapping into these markets will open up doors for business owners who are consistently looking for efficient and affordable ways to set up shops online. "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," says Low.

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
  • Curated Chief Executive Officer Eduardo Vivas

About Cococart

Founded in 2020, Cococart is an e-commerce startup that aims to empower local businesses around the world to sell online through its services. Merchants can set up their storefront in minutes with no code, no design, and no app downloads. Cococart currently supports more than 25,000 merchants, in 95 countries.

 

Source: Cococart
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