Thailand's Pomelo gets $52m Series C
Thailand-based fashion retailer Pomelo has raised a $52 million Series C round from a group including Hong Kong’s Provident Growth. It is being called the first-ever Series C for a Thai start-up.
Lombard Private Equity, InterVest, Ambient Sound Investments, and local retail conglomerate Central Group also participated. It follows a $19 million Series B in 2017 from Lombard, Provident, and JD.com. Earlier investors include Jungle Ventures, 500 Startups, Fenox Venture Capital, InnoVen Capital India, Start Today Ventures, and QueensBridge Venture Partners.
Pomelo markets itself as an omnichannel fashion-tech brand with an emphasis on Asian branding, engagement with digital natives, and vertical integration. Operations encompass online and offline outlets, with developments in the past two years including the launch of eight physical stores in Thailand, a flagship store in Singapore, and expansions into Hong Kong and Malaysia.
The company claims to have grown gross merchandise volume sevenfold since its Series B. Product rollouts during this period include a cosmetics brand called Beet, a menswear collection under the name Pomelo Man, and Purpose, an eco-friendly womenswear and accessories line. Further development is expected to be technology-focused, with a focus on big data, artificial intelligence, and supply chain automation.
“Everywhere we look we see opportunities for innovation to reinvent how things are done to create better products, better serve customers, and maximize omnichannel productivity and efficiency,” David Jou, CEO of Pomelo, said in a statement. “Fashion is as relevant today as ever and we are excited to chart a unique path forward in an effort to reinvent what it means to be a fashion brand.”
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