Secondhand luxury marketplace PopChill has secured an additional US$1.3 million, taking its funds raised in the Pre-A+ funding round to $3.1 million. 

PopChill said the funds will help the company break even in Taiwan by the end of this year while accelerating growth in Hong Kong and expanding to Singapore this year. The company also aims to diversify into watches and jewellery in the next six to 12 months.

Investors joining the round include Top Taiwan Venture Capital, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures. The new injection takes the company’s total investment secured to $6.2 million. 

“The potential for luxury resale in Asia is tremendous and largely untapped, with no clear leader outside of China,” said Andy Kuo, co-founder of PopChill. “The key to success is security, and we are reacting to this by constantly improving our authentication processes.”

Since its launch in Hong Kong last year, PopChill has experienced an average monthly growth rate of 40 per cent with sales in the region accounting for 10 per cent of the company’s transaction volume. 

“We are confident in our potential to succeed in new markets because not only can we bring our technology and know-how, but also our thousands of sellers that can ship cross-border.”

Bain & Company estimates that about $49.3 billion worth of secondhand luxury products were sold in the world last year. 

Founded in 2021, the marketplace features more than 100,000 items, in partnership with three of the top 10 luxury resellers in Japan as well as suppliers from Taiwan and Hong Kong.