Online Fashion e-tailer, Pomelo has received USD 1.6 million in Series A funding round from Jungle Ventures, with participation from Skype Co-founder Toivo Annus, 500 Startups, Fenox Ventures, Queens Bridge Ventures and an unnamed major hedge fund in New York.
As per Tech in Asia report, Pomelo launched in Singapore in September and plans to expand to Malaysia by Q1 of 2015. Including this round, the firm had secured a total capital of USD 2 million till date. The company claims to have 180,000 visitors and 1 million page views a month.
Thailand-headquartered Pomelo was founded in the beginning of this year and calling itself a “fast fashion brand first and e-tailer second” which brings Korean fashion trends to Southeast Asia and sells only under its own label in the sub-USD 100 range.
More from e27: We are at the start of the full stack movement where large industries are going to get rebuilt by teams that are inherently tech,” said Amit Anand, Founding Partner, Jungle Ventures. “Pomelo is the first of many brands in Asia that have adopted this full stack approach which made the likes of Tesla and Uber such big success stories. Pomelo is our first investment in the e-commerce space and we are excited to partner with them in their journey towards a regional category leader in the fast fashion space,” he added.
“Pomelo is different from other fashion e-commerce sites in the region in that we are a fast fashion brand first and e-tailer second. We’re much like Zara and H&M in that we try to control as much of the value chain as possible so that we can provide in-trend fashion with keen attention to quality to our customers at surprisingly accessible price points,” said David Jou, Co-founder, Pomelo.
Image Source: Digital News AsiaCategory Ecommerce Investments