Thailand-based online beauty retailer Konvy has secured US$10 million in its series A funding round from Singapore-based firm Insignia Ventures Partners.
The e-commerce beauty business was founded in 2012 by Chinese entrepreneur Qing Gui Huang, now the company’s CEO, and Leon Huang. Konvy boasts more than 20,000 SKUs from more than 1000 brands, including La Roche Posay, Shiseido, and Eucerin.
Konvy told DealStreetAsia that it will use the funding to fuel its expansion plan in Southeast Asia, including opening physical stores. Konvy also marked Insignia Ventures Partners’ first capital investment into a Thai company.
Before Insignia Ventures Partners, Konvy raised seed funding from ECG Venture Capital and Alpha Founders Capital. The beauty start-up recorded $32 million in revenue last year.
Thailand’s beauty and personal care product market, one of the largest among Southeast Asian countries, was estimated to achieve revenues of $4.2 billion last year, and will grow at a rate of 5.5 per cent through 2025, according to Statista.