Thai fashion-tech retailer Pomelo announced today (12th September) that it has secured US$52 million in seed funding.
Led by Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman Toivo Annus, Lombard Private Equity, Ambient Sound Investments OU and The Luxembourg Company Deverel, the brand claims that this is the first time a Thai startup has raised a Series C funding round.
The fresh round of funds will be used to to further scale Pomelo across the region, bringing it closer to achieving its goal of opening 150 branches 2023. The fashion brand also intends to explore retail tech, utilising big data and artificial intelligence for “pricing, design, and eCommerce personalisation.”
“Pomelo is much more than an online fashion brand. As a fashion-tech company, we are developing a proprietary catalogue of innovative technologies that will allow us to unlock significant hidden value that exists in the branded fashion business today,” Pomelo CEO David Jou said in a press release.
“Fashion is as relevant today as ever, and we are excited to chart a unique path forward in an effort to reinvent what it means to be a fashion brand.”
Pomelo had previously raised US$19 million in Series B funding in November 2017, which was used to drive its initial expansion around South East Asia. In addition to 8 physical stores in Thailand the brand has since expanded to Hong Kong and Malaysia, and opened a 6,000 square feet flagship store in 313 Somerset as well.
With this round, Pomelo has raised over a total of US$83 million from leading investors globally.
Feature Image Credit: Pomelo