Blue Sky Venture Capital has contributed to a US$10 million financing round for Thailand-based e-commerce company, aCommerce, as part of its focus on the south-east Asia region.
In a statement, Blue Sky investment professional Ben Dunphy said the region’s rapid adoption of technology meant high growth in the e-commerce sector.
“The region’s unique characteristics are driving world-leading growth in terms of technology adoption. At the same time, we see a trend emerging in the region that is similar to what we’ve observed in Australia; there is a dearth of capital available for later stage investments,” he said.
Blue Sky expects south-east Asia’s e-commerce industry to grow by 30 per cent annually to reach US$88 billion within the next decade, pointing out that aCommerce’s average annual growth rate since inception in 2013 has been 300 per cent.
“With the extraordinary growth rates the region is experiencing and the overall size of the market, we feel it would be a wasted opportunity not to support companies through their next stage of growth,” Mr Dunphy said.