Led by Singapore-based Jungle Ventures, the Thai online fashion retailer Pomelo has successfully raised a follow-on round, bringing its total Series A funding to US$11 million.
The round witnessed participation from existing investors and new contributors including 500 Tuk Tuks (a fund of major venture capitalist 500 Startups), Andre Hoffmann and Jonathan Price, but was again led by Singapore-based Jungle Ventures.
The label declared that the raised funds will utilised for continuing the expansion in Southeast Asia. Though the brand is majorly focussed on Indonesia, Singapore and Thailand, it has a huge customer base in more than 40 countries.
The company believes that it provides the best, in terms of online fashion, through the vertically integrated supply chain. It further believes that eCommerce is clearly approaching a tipping point in Southeast Asia, and it is lucky to be one of the leaders in the fast-growing fashion vertical.