Social e-commerce startup Goxip raises new funding led by Convoy

October 31, 2018 15:33
Goxip's social shopping service enables users to purchase similar apparel worn by celebrities or influencers. Photo: Goxip

Goxip, a Hong Kong-based social e-commerce startup, has raised US$1.4 million in a new funding round led by local financial advisory services firm Convoy, according to an announcement.

Previous backers, including Chinese selfie and social sharing platform Meitu, also participated in the latest financing.

Goxip's social shopping service enables users to purchase similar apparel worn by celebrities or influencers, and make recommendations to friends. Users can make money when a follower clicks the link and buys the outfit in question.

The online marketplace for fashion and beauty products now reaches 600,000 monthly users, with an average order size of US$300.

Convoy (01019.HK), Goxip's latest backer, had been snared in wrongdoing scandals, with the firm getting targeted in corruption and market misconduct crackdowns by Hong Kong’s anti-graft body and market regulator since last year.

Convoy’s shares were suspended on the Hong Kong Stock Exchange since December 2017 over a lawsuit against its former chairman, but the company has been active in strategic investments despite the crisis.

In August this year, Convoy sold its payments arm to CurencyFair, a Dublin-based online peer-to-peer (P2P) foreign exchange marketplace, with Convoy participating in CurrencyFair’s 20 million euro investment plan to drive global growth.

With the fresh capital and linkage with Convoy, Goxip said it will offer more installment-based financing options on its service, which is akin to a “shoppable Instagram” focusing on high-end fashion.

Goxip co-founder and CEO Juliette Gimenez told TechCrunch that the firm wants to offer payment plans using a virtual credit card, such as 6-12 month installment plans.

She expects the new offering will benefit the startup in its expansion in Southeast Asia where typical customers spend less. The company is opening an office in Bangkok, Thailand, after entering Malaysia.

In January, Goxip raised US$5 million in a Series A funding round led by Meitu (1357.HK), with participation from a fund controlled by Hong Kong property developer Nan Fung Group.

According to CrunchBase data, the startup has raised US$8 million since founding in 2016 by Juliette Gimenez and YC Lau.

Existing early investors include Chryseis Tan, daughter of Malaysian billionaire and Berjaya Group chairman Vincent Tan; Sabrina Ho, the daughter of a Macau casino tycoon Stanley Ho; and Iman Allana, from the family that controls the multi-billion dollar Indian food giant Allana Group.

This article appeared in the Hong Kong Economic Journal on Oct 31

Translation by Ben Ng with additional reporting

[Chinese version 中文版]

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Hong Kong Economic Journal