Founded in 2011 by Angelina Seow, Jooix features product categories like accessories, beauty, stationery and gifts. Other than its online platform, Jooix also completes the online to offline experience with its physical “pop-up” shop.
The seed funding round will be used to expand its market presence from Singapore to potential markets such as Indonesia, Malaysia and Thailand. Other than that, it will be used to ramp up its recently launched Concierge shopping feature, which is a hit among its customers.
“The idea of Concierge Shopping sprung from a customer who was way too busy to think about exactly what she looked best for her and her home. So we profiled her before taking the shopping to her, and helping to style her home. She was so happy with the pampering service she ended up spending a few thousands on herself and gifts for others!” shared founder Angelina.
All it takes is three easy steps. First, you start with a phone consultation with one of Jooix’s stylists. They will then get to know your tastes, and profile your style. Following that, the stylist will handpick a selection of products which suits your profile. Jooix charges a S$150 booking fee that can be fully redeemed with Jooix’s purchases. The minimum spent is S$688 for one shopper, and S$488/pax for two shoppers at the same place.
Angelina also told us that Jooix averages S$150 in sales, and could go up to S$700 per order.
Funding secured in record time: 5 weeks
The sales volume attracted the attention of Beacon New Ventures, which invested in Jooix in just five weeks from their first encounter. Beacon is a boutique private equity investment and advisory firm founded in 2012 in Melbourne by John Neal and Tim Stanford. Jooix met Beacon at a networking party in Singapore.
“It started with great rapport and curiosity in our initial meetings. Very quickly, within the first 3 weeks over Skype and emails, we saw a good fit between us about the importance of marketing and how it could be our key differentiator. They love our product selection and how we were building the Jooix brand. Things flowed seamlessly from there and Beacon also had a good, no nonsense approach. I found them very streamlined in the whole due diligence process and importantly, they cut to the chase quickly. That, along with their sharp business acumen, gave me much confidence to have them onboard. So when they returned to Singapore, it took just 2 weeks to finalise the paperwork.” – Angelina
Since its investment in Jooix, Beacon has expanded its operations with the establishment of a Singapore office, and will be announcing other investments soon.