South Korea based New Vessel recently closed their seed financing round which was led by Naver, Wooshin Venture Investment, and CKD Venture Capital. While the country’s eCommerce market is indeed huge ($121 billion), the number of eCommerce aggregators is quite less in comparison. New Vessel is one of the few key players in this segment, and with the undisclosed amount raised, they will be acquiring more eCommerce start-ups under their wing.
The 2021 based startup took lessons from global aggregators such as Thrasio and Perch and applied the same services to the South Korean and Japanese eCommerce markets. Now, they are investing in brands that have at least a million in annual revenue. The CEO also mentioned that after a round of acquisitions they will be starting their Series A funding round in the latter half of the year.
Other than direct cash investments, New Vessel also provides optimisation and sales strategies to the brands it acquires. Their main aim right now is to ensure that the eCommerce brands from Japan and South Korea are able to break the US market, and they have also formed a new deal with the US and South Korea based Spigen to further this agenda.
As of now, their main competitor is Thrasio, the global eCommerce aggregator that seems to be aggressively pursuing the Asian eCommerce markets. Both Japan and South Korea hold immense potential when it comes to the eCommerce sector. As per the New Vessel CEO, most sellers in these areas are not even aware of the possibilities of the global market, which they expect to open up for these start-ups.
The eCommerce aggregator market in Asia is still open for new startups to take control; whether more players will enter the space is yet to be seen.