E-commerce firm JD.com, Provident Capital Partners and Lombard Investments have provided $19m in series B funding for Thailand-based online fashion brand Pomelo, DealStreetAsia reported yesterday.
Retailer Central Group and e-commerce firm StartToday, through its corporate venturing division StartToday Ventures, also participated in the round.
Founded in 2014, Pomelo is an online retailer that sells its own branded clothing to customers in 40 countries, though it focuses on markets in Southeast Asia. The company has offices in Bangkok, Jakarta and Singapore.
The funding, which Pomelo CEO David Jou said represents the largest series B round closed by a Thailand-based company, will be used to expand the company’s product line and increase its investment in Indonesia, he told TechCrunch.
Pomelo has raised $32m in total, having most recently closed an $11m series A round in October 2016 led by Jungle Ventures with contributions from 500 Startups and angel investors including Andre Hoffman and Jonathan Price.
Jungle Ventures also led the company’s $1.6m pre-series A round in 2014, investing together with 500 Startups, Fenox Ventures, angel investor Toivo Annus and an undisclosed New York-based hedge fund.
Jou told DealStreetAsia: “We are extremely pleased with this round and to be in partnership with such prominent players from the investment community. We look forward to continuing on the mission of building the first global fast fashion brand out of Southeast Asia.”
– This article was updated on November 29 to reflect the involvement of StartToday and Central Group.