Mobile-first shopping and fashion discovery app, Goxip is in the midst of raising another round of funding to boost their growth in Southeast Asia. The app targets over a million downloads in 2016, both from its home market Hong Kong and the newly launched market, Malaysia. The next funding will be notably larger as the company plans to launches a marketplace and expanding to a new market.
Earlier this year, Goxip raised a seed round of $1.6 million, one of the largest in Southeast Asia, but the team anticipates the cash run to shorten as their growth speeds up.
“Our next phase is to develop a marketplace and execute that in the next two months, or less. We are looking to partner with local designers and retailers as well,” Juliette Gimenez, Goxip CEO and co-founder said during a press conference. “We don’t have a fixed runway for what we raised, but we may be utilising the funds to grow faster than we originally expected.”
Goxip’s marketplace will be built for merchants and individuals to run their own online stores. They have also been eyeing Thailand and Indonesia as potentially new markets, but the team said 2016 will largely focus on growing its business in Hong Kong and Malaysia. The team is also aggressively hiring to pull off its growth plans.
The Hong Kong-based startup announced a $1.62 million seed funding in May, led by first-time tech startup investor, and socialite entrepreneur Chryseis Tan who committed $1.5 million for a 30% stake in the startup. Another $120,000 was contributed by Ardent Capital, which has a track record investing in ecommerce platforms around the region.
Chryseis Tan is also the daughter of Malaysian tycoon, Vincent Tan, who owns the conglomerate Berjaya Group operating various businesses in food and beverage, retail, automotive, property and gaming, has been a key mentor to the Goxip team.
A version of this first appeared in Deal Street Asia on July 28. Read the full article here.