Golden Gate leads $3.3m Series A for Singapore's HipVan
Golden Gate Ventures has led a S$4.7 million ($3.3 million) Series A round for HipVan, a Singapore-based online store for designer furniture.
This is Golden Gate's largest single investment in a start-up to date. Vinnie Lauria, founding partner at Golden Gate, will be joining HipVan's board of directors. East Ventures, LionRock Global, Skype's co-founder Toivo Annus and other individual investors also participated in the round.
Founded in April 2013, HipVan sells designer furniture and home decorating products. As of the end of August, it offered over 20,000 home products through its online store and iPhone app. The company claims to attract more than 150,000 online shoppers to its store every month.
"We believe in the future of e-commerce in South East Asia, and we're excited by the explosive growth in HipVan. The whole founding team is deeply product and data driven, which fits right into our investment strategy," Lauria said in a statement.
The online start-up received S$1.65 million seed funding last July. It plans to use this latest injection of capital to develop its private label products, increase the range of available products and offer better pricing for customers.
Golden Gate reached a first close of $35 million on its second Southeast Asia-focused fund in July. The Golden Gate Ventures Fund II, which was launched last year, has a target of $50 million.
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