Reebonz receives $39m from MediaCorp, VCs

Reebonz has now raised more than S$100 million in venture funding and the most recent round values the company at more than S$250 million. Reebonz is a flash sales site, offering limited-duration discounts on select luxury items. It operates in Singapore, Malaysia, Thailand and Indonesia as well as maintaining a presence in the Hong Kong, Taiwan, South Korea and Australia markets.

CEO Samuel Lim, who set up the company in 2009 with partners Benjamin Han and Daniel Lim and a founding team of 20, said his objective was to build a "world-class billion-dollar internet commerce group out from Singapore."

"Reebonz's vision is to become the most trusted brand name on the internet to buy and sell accessible luxury to a growing middle class in Asia," he added. "To that end, part of our growth strategies is to invest in a world-class supply chain to provide a seamless customer experience."

In the past four years, revenue has grown from a few million dollars to S$100 million annually, with full-year sales expected to exceed S$150 million in 2013. Reebonz, which handles 15,000 transactions each month, has set a goal to double its revenues every year.

According to AVCJ Research, Vertex led Reebonz's Series A round in February 2010 with Matrix investing later the same year. Intel Capital made two investments in the company in 2012 and 2013.

"In Southeast Asia, you need a business model that actually transcends the entire region so that you have a good probability of success," Sudheer Kuppam, managing director of Asia Pacific operations at Intel Capital, told AVCJ last year. "If you look at some of the deals we have done - including VC Corp and Reebonz - they are growth stage companies instead of early-stage."

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• Topics
• Venture
• Consumer
• Technology
• Southeast Asia
• Venture
• Southeast Asia
• Consumer
• TMT
• Matrix Partners
• GGV Capital
• Intel Capital