Jungle Ventures commits $1.6m to Thailand fashion site
Jungle Ventures has led a $1.6 million pre-Series A round for Pomelo, a Thailand-based online fashion retailer.
Other investors include Skype co-founder Toivo Annus, 500 Startups, Fenox Ventures, Queens Bridge Ventures and an unnamed hedge fund. The latest round brings to total amount capital raised by the company so far to $2 million.
Launched at the beginning of this year, Pomelo differentiates itself from other e-commerce sites by selling Korean fashions only under its own label. Every item is priced below $100. The platform has 180,000 visitors and under one million page views a month.
This is Jungle's first investment in e-commerce. "Pomelo is the first of many brands in Asia that have adopted this full-stack approach which made the likes of Tesla and Uber such big success stories," Amit Anad, founding partner at the VC firm, told Tech In Asia.
Singapore-based Jungle currently has $15 million in assets under management. It operates a seed fund and an incubator in Singapore and India.
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