OMNICHANNEL fashion company Pomelo has secured US$52mil (RM216mil) in funding from a group of investors, making it the first Thai startup to raise a Series C funding round.
The investment came from Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, Toivo Annus, Lombard Private Equity, Ambient Sound Investments OU and The Luxembourg Company Deverel.
After raising US$19mil in their Series B round in November 2017, Pomelo has expanded to Hong Kong and Malaysia and has launched eight physical stores in Thailand and as well as a flagship store in the heart of Singapore’s shopping district of Orchard Road.
The brand has expanded its product offering further with categories like Purpose, an eco-friendly collection, Beet cosmetics and Pomelo Man, its menswear label.
“This is a disruptive time for omnichannel in Asia. Pomelo is in a unique position because of its vertically integrated model and innovative technical abilities. We are confident they will lead the way in fashion across South-East Asia and beyond, ” says Michael Aw, founding partner at Provident Growth Fund.
Leveraging its direct to consumer fashion technology, Pomelo has proven itself a trailblazer in omnichannel fashion since its launch in 2013.
Receiving close to 30% of orders through its Pomelo Pick-Up channel which allows customers to try before they buy, Pomelo continues to innovate and respond to the needs of its loyal customers.
“Pomelo is much more than an online fashion brand. As a fashion-tech company, we are developing a proprietary catalogue of innovative technologies that will allow us to unlock significant hidden value that exists in the branded fashion business today.
Everywhere we look we see opportunities for innovation to reinvent how things are done to create better products, better serve customers, and maximise omnichannel productivity and efficiency.
“Fashion is as relevant today as ever and we are excited to chart a unique path forward in an effort to reinvent what it means to be a fashion brand, ” says Pomelo chief executive officer David Jou.
“Technology has always been a big focus for us, we will be looking at big data and artificial intelligence for pricing and design, as well as e-commerce personalisation.
“We want to integrate the omnichannel experience even deeper by connecting the Pomelo universe with the customer through a proprietary tech stack. Additionally, we would like to
further expand our supply chain automation platform, Henry, ” adds the company’s co-founder Casey Liang.
With this round, Pomelo has now raised a total of US$83mil from leading investors globally, including JD, Start Today Ventures and Jungle Ventures, who participated in their former funding rounds.