Pomelo, a Thai online fashion company, has raised $19 million in Series B funding. JD.com and Provident Capital Partners led the round with participation from Lombard Investments.
1 November 2017 – Bangkok – Pomelo announces today that it has secured an additional US$19 million in funding. Led by JD.com and Provident Capital Partners, together with Lombard Investments, this is the largest Series B raised for a company based in Thailand.
The additional capital will be used to cement its position as the leading online fast fashion brand in Southeast Asia and accelerate its growth internationally.
“We’re extremely pleased with this round and to be in partnership with such prominent players from the investment community. We look forward to continuing on the mission of building the first global fast fashion brand out of Southeast Asia.” said David Jou, CEO of Pomelo.
“We have strong confidence in Pomelo Fashion’s unique vertically integrated strategy, which is not only disrupting fashion in Asia, but fashion globally,” said Michael Aw, Partner at Provident Capital Partners. “We are excited to be a part of their journey ahead.”
Launched in 2014, Pomelo has proven itself a trailblazer in online fast fashion. In focusing on delivering on-trend fashion quickly and at affordable prices, Pomelo is well positioned to capitalize on Southeast Asia’s rising middle class, many of whom are under 30 years of age and coming online at an accelerated pace. The e-commerce sector also continues to grow, with Southeast Asia’s e-commerce sales projected to grow to US$88 billion by 2025.
With this round, Pomelo has now raised a total of US$32 million from leading investors globally, including Jungle Ventures, who led their Pre-Series A & Series A rounds.
“Emerging Asia has become a proving ground for digitally native companies to become leading consumer brands across different industry verticals,” said Amit Anand, founding partner at Jungle Ventures. “We are proud to have helped kick-start Pomelo Fashion’s ambitions and being able to support David and the team through an exciting period of growth and product expansion.”
Pomelo is a leading international online fashion company based in Bangkok. Products are proudly designed and produced around Asia for today’s global consumer.