Insignia invests $10m in Thai beauty start-up

It marks Insignia’s first investment in a Thai-based and focused company. The Singapore-headquartered early-stage investor closed its third Southeast Asia fund on USD 516m in August with a view to targeting uniquely ASEAN business models.

Konvy was identified as a leader in its local health and beauty space with an increasingly multi-channel approach in touch with Thailand-specific demand drivers and purchasing behaviour. This includes a strong focus on social media, where local youth demographics are said to spend almost three hours a day on average.

“While there may be stronger competition from horizontal marketplaces in the future, we believe Konvy is best positioned to be the market leader in the online beauty segment given its longstanding brand equity, brand-centric and community-led approach,” Yinglan Tan, founding managing partner at Insignia, said in a statement.

Konvy works with more than 1,000 brands representing more than 20,000 products on its platform. Its brand portfolio includes L’Oréal, Shiseido, Sulwhasoo, Eucerin, and La Roche-Posay. Sales channels include an in-house e-commerce platform, external marketplaces, and some 800 offline stores. Previous backers include Alpha Founders Capital and ECG Venture Capital.

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• Topics
• Southeast Asia
• Consumer
• Early-stage
• Thailand
• Insignia Venture Partners
• beauty & personal care
• e-commerce