International online fashion company Pomelo announced last month that it has secured an additional US$19 million in funding. Led by JD.com and Provident Capital Partners, together with Lombard Investments, this is reportedly the largest Series B raised for a company based in Thailand.
The additional capital will be used to push its growth internationally. “We’re extremely pleased with this round and to be in partnership with such prominent players from the investment community. We look forward to continuing on the mission of building the first global fast fashion brand out of South-east Asia.” said David Jou, CEO of Pomelo.
Michael Aw, partner at Provident Capital Partners said they are excited to be a part of the e-commerce site’s journey ahead. “We have strong confidence in Pomelo Fashion’s unique vertically integrated strategy, which is not only disrupting fashion in Asia, but fashion globally.”
Launched in 2014, Pomelo focuses on delivering on-trend fashion quickly and at affordable prices. Pomelo said it is well positioned to capitalise on South-east Asia’s rising middle class, many of whom are under 30 years of age and shopping online at an accelerated pace.
With this round, Pomelo has now raised a total of US$32 million from leading investors globally, including Jungle Ventures, who led its Pre-Series A & Series A rounds.
“Emerging Asia has become a proving ground for digitally native companies to become leading consumer brands across different industry verticals,” said Amit Anand, founding partner at Jungle Ventures. “We are proud to have helped kick-start Pomelo Fashion’s ambitions and being able to support David and the team through an exciting period of growth and product expansion.”