Luxola raises US$10 million in latest funding round led by transcosmos
Investments by transcosmos and GREE Ventures will let Luxola expand product range and enhance customer experienceBy Terence Ng 11 Mar, 2014
Singapore-based beauty e-commerce store Luxola has announced today that it has received US$10 million in a funding round led by Japan’s transcosmos. Existing investor GREE Ventures also participated in the round.
With over 105 brands as partners, Luxola will be using the funds to further expand product selection, increase regional warehouse and operational capacity, and continue to improve the customer experience via enhancements to its platform and mobile technologies.
“Luxola will deploy this capital to continue its pursuit of becoming the premier destination for all things beauty in Southeast Asia through its e-commerce platform Luxola.com, as well as its content platform Lxedit.com,” said Founder and CEO Alexis Horowitz-Burdick, “We look forward to being able to offer customers even more, from the best products and service to inspiring and educational content.”
Masataka Okuda, President and COO, transcosmos said, “We believe that Luxola will continue to expand further in the future, keeping pace with the growth of the cosmetics market in the ASEAN region,” adding, “Through this new capital and business alliance with Luxola, we want to both, accelerate e-commerce one-stop services, as well as support the e-commerce development of our corporate clients in the ASEAN market.”
“We are thrilled to welcome transcosmos as investors in Luxola,” noted Horowitz-Burdick, “Its vision for e-commerce in the region is well aligned with ours and its expertise around systems support will be extremely valuable in helping to accelerate Luxola’s regional growth.”
Founded in 2011, Luxola is a Singapore-based e-commerce store that specialises in beauty and cosmetics products for women and, recently, men.