Singapore-based daily deals service Ensogo has raised $29.3m in a funding round featuring e-commerce company VIPShop and a range of unnamed Australia and Asia-based institutional investors, Tech in Asia reported yesterday.
VIPShop invested $2.4m in the oversubscribed round, and maintains a 10% stake in the company.
VIPShop paid $5.5m for a 12.2% stake in Ensogo in March 2015 as part of a larger partnership covering inventory, logistics, merchandising, marketing, technology and user acquisition, before Ward Ferry invested $7.6m a week later in exchange for a 10.6% stake.
The latest cash injection will be used to increase user acquisition and ensure customer retention, as well as to continue development of Ensogo’s technology, including its logistics and fulfillment systems.
Ensogo currently operates in Singapore (as Deal.com.sg), Hong Kong (as Beecrazy), Thailand, Malaysia, the Philippines and Indonesia. It was originally acquired by US-based daily deals website LivingSocial in 2011.