Thai fashion e-commerce platform Pomelo said it has raised USD 52 million in its Series C round, bringing the total amount raised to USD 83 million.
The long list of investors includes Thai conglomerate Central Group, Provident Growth Fund, InterVest Star SEAGrowth Fund, Lombard Private Equity, and The Luxembourg Company Deverel.
Pomelo will be using the fresh funds to invest in technology to accelerate its growth across the region. Specifically, the firm says, it will further expand its supply chain automation platform called Henry. The fashion tech company is also looking into incorporating big data and artificial intelligence into its pricing and design strategies.
Launched in 2013, the company has been growing rapidly and aggressively, especially since raising a Series B round in 2017 which was co-led by Chinese e-commerce giant JD and Provident Capital Partners, according to Crunchbase.
Besides beefing up its management team, the company also expanded to Hong Kong and Malaysia and launched eight physical stores in Thailand and one flagship store in Singapore. The brand also expanded its product offering such as launching its own sustainable fashion line called Purpose, Beet cosmetics and menswear label, Pomelo Man.
2019 is expected to b a tipping point for the Thai startup ecosystem with more Series A and B fundraising rounds in the commerce and finance sectors and a couple Series C rounds closed, or in the process of closing, with candidates including Pomelo, Omise, Acommerce, and Ookbee.