Goxip seeks further funding for expansion
Hong Kong-headquartered fashion shopping and discovery app Goxip is raising another round of funding to finance further Southeast Asia growth.
It has launched in Malaysia, and is targeting more than 1 million downloads by the end of the year in both this new market and in Hong Kong.
While Goxip had a seed round in May, its new round will be notably larger, says co-founder/CEO Juliette Gimenez, as the company plans to accelerate growth through launching a marketplace as well as opening in a new market.
As well as developing the marketplace over the next couple of months, the group is looking to partner with local fashion designers and retailers.
“We don’t have a fixed runway for what we raised, but we may be using the funds to grow faster than we originally expected,” says Gimenez.
Goxip’s marketplace will enable merchants and individuals to run their own online stores.
As for a new market, Goxip has earmarked a launch in either Indonesia or Thailand.
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, daughter of Malaysian tycoon Vincent Tan, who owns the conglomerate Berjaya Group. She is involved several food businesses, like La Juiceria, Goodness Greens Cafe and the new Greyhound Cafe in Kuala Lumpur.
Leveraging on the gap between social networks and eCommerce platforms within Southeast Asia, Goxip enables users to discover or share fashion items through the social feeds, and also make purchases.
Goxip’s social commerce platform features more than 30,000 global designer brands, including Burberry, Saint Laurent and Stella McCartney. The app has been downloaded more than 126,000 times and has 2.6 million products listed.