Goxip, an online marketplace for fashion and beauty products, with offices in Hong Kong and Malaysia, has raised US$5 million in Series A funding, co-led by Chinese beauty app developer Meitu and Chryseis Tan, daughter of Vincent Tan, a Malaysian billionaire and Chairman of Berjaya Group.
Leading Hong Kong property developer Nan Fung Group’s Mills Fabrica Fund has contributed to this round with US$1 million.
Sabrina Ho, a Macau-based entrepreneur and daughter of billionaire Casino and entertainment tycoons Stanley Ho and Angela Leong, and Iman Allana, daughter of the Indian multi-billion dollar food giant Allana Group family, also joined this investment.
The funds will be used to develop Goxip’s proprietary rewardSnap ad system, expand into new markets in Southeast Asia by leveraging Meitu’s 100 million monthly active users in this fast-growing region, and enter into strategic partnerships with mid- to high-end fashion and beauty brands in Southeast Asia.
“Fashion marketplaces are not new to the region, but most of them target everyone in search for quick but unsustainable growth. As a result, most of them end up diluting the brand and having to compete with giants in a race to the bottom in customer acquisition spend,” said Juliette Gimenez, Co-founder and CEO of Goxip.
Goxip is an online shopping platform that combines fashion and beauty products from different online retailers, targeting fashion lovers and bloggers. With Goxip’s product/brand recognition technology, fashion aficionados can purchase similar apparel worn by celebrities or key opinion leaders, and make recommendations to friends.
The company has partnered with more than 500 international online retailers, and has over 36,000 luxury brands and five million merchandise in its database.
Vanessa Cheung, Founder of The Mills, said: “The establishment of the The Mills Fabrica Fund has enabled us to provide more support to startups in the global techstyle to further their growth. We believe Goxip has great potential for global expansion and changing the fashion retail model, and we hope that more techstyle entrepreneurs will continue to inspire other startups in the community, especially in Hong Kong.”