Vietnam-based, corporate-backed e-commerce platform Tiki has increased a series E round featuring conglomerate Concord Fortune Group to $256m, DealStreetAsia reported today, citing a regulatory filing.
Investment banking group UBS Group provided about $40m for the $136m extension while investment firm Mirae Asset invested roughly $27m through funds including Mirae Asset-Naver Asia Growth Fund, which it co-runs with internet group Naver.
Mirae Asset-Naver Asia Growth Fund itself supplied $20m, and the tranche was filled out by Naga Global Opportunities Master Fund, Stic Investments, Victory Year Global, JH Harmonious, Sure Keen, Wealth Intelligence and private investor Kho Hui Meng.
Founded in 2010, Tiki has built an online marketplace that enables users to purchase diversified goods that are delivered within two hours.
The fundraising effort is ongoing and the round is set to close next month. Mobile network operator Taiwan Mobile injected $20m in return for a 2.7% stake in Tiki in August this year after the company completed a $100m first close the month before at a $740m valuation that included a reported $60m from insurer AIA.
The first tranche was led by an undisclosed investor and also backed by AppWorks, CE Fintech Capital and Nextrans, taking the round to $120m. The company had closed a $43m convertible bond sale in June 2021 that valued it at $600m and which followed a $130m round led by Northstar Group the previous year.
Northstar Group had also led a $100m round for Tiki in mid-2019, participating alongside Korea Investment Partners, STIC Investments and Sparklabs Ventures.
Internet company VNG Corporation acquired a 38% stake in Tiki for $16.7m in 2016, and e-commerce group JD.com provided approximately $44m in a round that reportedly closed two years later.
The company had previously secured between $1m and $2m in a 2013 round that included conglomerate Sumitomo, after receiving an undisclosed amount the previous year from internet group CyberAgent’s CyberAgent Capital unit (then known as CyberAgent Ventures). EDB Investments is also a shareholder.
