Southeast Asia-focussed online fashion venture platform iFashion Group has raised S$1 million (US$735,000) from Rimu Group.
Coupled with the backing of corporate venture builder Fatfish Internet Group, iFashion Group aims to position itself as a corporate venture platform with an aggressive acquisition strategy – similar to South Korean roll-up play, Yello Mobile.
iFashion aims to ramp up collaboration and resource-sharing within businesses in the online fashion and lifestyle industry in Southeast Asia.
According to an official press release, it will target startups that are between three to five years old with a proven market traction.
Headquartered in Singapore, iFashion claims to be Singapore’s first B2B venture platform for the online fashion industry, “Designed to help aspiring entrepreneurs by providing a range of B2B and mentorship services from logistics, warehousing, production, financial services to sales fulfilment.”
“We recognise the common needs of many of these fashion brands early on and have been helping them to realise their full potential. As e-commerce volume and traffic increases, these brands will enjoy the various business services and market knowledge provided by iFashion to effectively manage their growth,” said Jeneen Goh, Managing Director of iFashion Group, in an official press statement.