|By||http://e27.cohttp://e27.sg/2012/08/22/luxola-com-receives-s740k-from-wavemaker-labs-to-be-the-online-sephora-of-singapore/||| Aug 22, 2012 | Investments & Acquisitions|
Luxola.com is a Singapore-based online cosmetics and skincare store that has recently received a funding of S$740,000 from a group of investors managed by WaveMaker Labs in collaboration with Singapore National Research Foundation (NRF).
Luxola’s founder and CEO Alexis Horowitz-Burdick commented, “We are thrilled to have received this funding which will help us expand into new markets while at the same time maintaining our focus on superior customer service and brand alignment”. Meanwhile, Paul Santos, Managing Partner of WaveMaker Labs said, “WaveMaker is pleased to have been given the opportunity to lead this investment round. We are encouraged by Luxola’s growth across all key aspects of its business. There is still a lot more work to be done, but together with our co-investors, we hope to help Luxola achieve its vision of becoming the premiere online cosmetics and skincare store in Asia”.
Luxola.com provides top notch online services mainly to cater to female audience apart from providing user friendly online shopping platform. Comprising of information on beauty products, tips and style secrets on how to be innovative with your everyday routine from various brands, this site will blow the likes of Eve away. Not only that, this site aims to provide satisfaction guaranteed service for customers by offering next business day delivery in Singapore and two to three day delivery in other markets. Luxola.com also plans to collaborate with other global brands seeking to expand in South East Asia.
With this current investment, Luxola is greatly aided to expand to potential beauty market in Southeast Asia. Previously, Luxola.com managed to raise S$500,000 in angel funding. Perhaps with time, Luxola.com will expand its brand globally and be recognized alongside famous online shopping websites such as Sephora.com and Amazon.com.
Read the full press release below.
Singapore (August 16th 2012) – Luxola.com, a Singapore-based online cosmetics and skincare store, announced today that it has received S$740,000 from a group of investors led by WaveMaker Labs in partnership with the Singapore National Research Foundation (NRF).
According to Luxola’s founder and CEO Alexis Horowitz-Burdick, “We are thrilled to have received this funding which will help us expand into new markets while at the same time maintaining our focus on superior customer service and brand alignment”.
The site, designed to exceed the expectations of its mainly female audience, provides an easy to shop platform with information on beauty products, tips and style secrets from professionals on how you can incorporate different beauty products into your everyday routine, and a broad selection of exciting brands. Seeking to change the level of service expected by customers from e-commerce companies in South East Asia, Luxola.com offers next business day delivery in Singapore and 2-3 day delivery in other markets. Luxola is also focused on partnering with global brands looking to grow in South East Asia, whilst simultaneously having their brand integrity upheld by a superior online platform.
“WaveMaker is pleased to have been given the opportunity to lead this investment round. We are encouraged by Luxola’s growth across all key aspects of its business. There is still a lot more work to be done, but together with our co-investors, we hope to help Luxola achieve its vision of becoming the premiere online cosmetics and skincare store in Asia” says Paul Santos, Managing Partner of WaveMaker Labs.
This round of investment will help Luxola in its efforts to expand and capture the high potential of the beauty market in South East Asian as well as enhance its brand offerings. Prior to this Luxola had raised SGD $500,000 in angel funding.
Launched in September 2011, with many brands making their debut in the Singapore market through Luxola.com, it is the first beauty website in South East Asia to be backed by all the brands they carry, ensuring their customers are receiving authentic quality products.
Brands available on Luxola.com are BECCA Cosmetics, Benta Berry, BY Terry, Deborah Lippmann, Dr. Jart, DUO, DuWop, Estelle & Thild, FACE Atelier, Grooming Lounge, Intelligent Nutrients, Julie Hewett, Kai, Korres, Love & Toast, Luzern, Mario Badescu, Milk, Models Own, MOR, Nail Rock, Original Mineral, Paperself, Petronille Cosmecuticals, PURE by Phytocare Sara Happ, Sleek Makeup, Strivectin, This Works and Vitamin Science.
About WaveMaker Labs
WaveMaker Labs is an Approved Technology Incubator under the Singaporean government’s National Research Foundation (NRF). Under the Technology Incubation Scheme (TIS), WaveMaker enjoys a 5.6x leverage on its investment capital with the NRF providing up to S$500,000 per startup on top of the S$89,000 that WaveMaker invests per company. With this, WaveMaker aims to catalyze the formation of many value-creating technology businesses right at the heart of Southeast Asia’s 600 million consumers and the 2 billion more in nearby India and China. WaveMaker is sponsored by Siemer Ventures and supported by Siemer & Associates and Tholons. This unique cross-border network enables WaveMaker to support its startups throughout their life cycle from incubation to follow on funding to exit.
About (other investors)
Other new investors include Soo Boon Koh, Founding and Managing Partner at iGlobe Partners, and Toivo Annus, former Head of Engineering at Skype, and active angel investor.
Featured Image Credits : Christopher Drummond