Pomelo Fashion, an e-commerce firm from Thailand, has secured $11 million in Series A funding, led by Jungle Ventures and Hong Leong Group. (JG screengrab)
Thailand-based Pomelo Fashion Secures $11m in Series A Funding
BY :DEVINA HALIM
OCTOBER 27, 2016
Jakarta. Pomelo Fashion, an e-commerce firm from Thailand, has secured $11 million in Series A funding, led by Jungle Ventures and Hong Leong Group.
With customers in more than 44 countries, the company, which was established in 2013, will use the funds to expand its business in Southeast Asia as the favorite online fashion destination.
"We strive to provide the absolute best in terms of online fashion through our unique vertically integrated supply chain," Pomelo cofounder and chief executive David Jou said in a statement received by the Jakarta Globe on Wednesday (26/10).
The funding is sourced from existing and new investors, such as Andre Hoffmann, 500 Tuk Tuks and Jonathan Price, which Jou also joined as an advisor.
The company plans to strengthen its management depth by adding Meg Mistry as brand president and James Lamrock as regional vice president of operations. Mistry previously worked as regional creative director at Zalora, while Lamrock was chief logistics officer at Luxola, which was recently acquired by Sephora.
The e-commerce industry in Southeast Asia is projected to grow from $7 billion in 2013 to $34.5 billion in 2018, with fashion products making up 60 percent of the total, consulting firm Frost and Sullivan reported.
"E-commerce is clearly approaching a tipping point in Southeast Asia and we're lucky to be one of the leaders in the fast-growing fashion vertical," Jou said.