Singapore-based business-to-business (B2B) e-commerce platform Zilingo has secured $35m in bridge funding from unspecified returning backers which could include corporates, DealStreetAsia reported yesterday, citing people privy to the matter.
One of the sources told DSA the deal took place six to nine months earlier and was likely in the form of convertible note financing. The company had last raised $3.5m in equity funding in 2020 from undisclosed investors, according to DSA’s Data Vantage platform.
Founded in 2015, Zilingo runs a marketplace that helps merchants list their goods including cosmetics, apparel, healthcare, home and luxury items.
The company had raised $226m in an early 2019 series D round featuring media group Hubert Burda’s investment arm, Burda Principal Investments, as well as Temasek, EDBI, Sequoia Capital and Sofina, at a $970m valuation.
Burda Principal Investments had co-led Zilingo’s $54m series C round in 2018 with Sofina and Sequoia Capital India. The round included internet company Digital Garage, quantitative trading group Susquehanna International Group (SIG), Beenext, Wavemaker Partners, Amadeus Capital, Venturra Capital and individuals including Manik Arora and Tim Draper.
Burda Principal Investments and Sequoia co-led a $17m series B round for Zilingo in 2017 featuring SIG, Venturra Capital, Beenext, Wavemaker Partners, Draper and Arora.
SIG and Venturra had backed the company’s $8m series A round the year before, participating together with Sequoia, the latter having supplied $2m in seed funding the previous year.
