Bomoda raised more than $1.4 million in seed funding led by iNovia Capital. A group of prominent angel investors, including former Yahoo CEO Terry Semel, Entrepreneur Chris Burch, Director of FIT and venture investor Ed Goodman, Young & Rubicam Chairman Emeritus Peter Georgescu, and MediaMath CEO Joe Zawadzki, also participated. Bomoda is an online community focused on curating luxury fashion and lifestyle for Chinese shoppers globally.
Bomoda, the only online community focused on curating luxury fashion and lifestyle for Chinese shoppers worldwide, announced over $1.4 million in seed funding. Venture capital firm iNovia Capital led the round alongside a group of prominent angel investors including former Yahoo CEO Terry Semel, Entrepreneur Chris Burch, Director of FIT and venture investor Ed Goodman, Young & Rubicam Chairman Emeritus Peter Georgescu, and MediaMath CEO Joe Zawadzki.
Bomoda’s purpose is to provide shopping ideas and purchasing opportunities for affluent Chinese tourists traveling in major Western cities and online — what to buy, where to buy, how much to pay, and how to enjoy the luxury lifestyle.
Chinese citizens traveling to any destination in the world or sitting at home can depend on Bomoda to provide the most current Western trends and products. Bomoda is the first integrated media platform for Chinese “Retail Tourists”, and all content is created by native Chinese curators based in New York (Bomoda’s initial launch city), London, Shanghai, Beijing, Paris, Milan and Hong Kong. Their work is managed by Bomoda Co-Founder Suki Sun, former Editor-in-Chief of Time Out Shanghai & Beijing and Seventeen Magazine China.
Bomoda’s founding team also includes digital media veterans Brian Buchwald (former NBC Executive Vice President and DoubleClick executive), Mark Angelillo (former Chief Technology Officer of Snooth.com) and Alain Rothstein (former private equity investor).
There will be 100 million Chinese “Retail Tourists” by the end of 2015, and currently 60% of Chinese consumers’ purchases occur abroad. Chinese tourists spend on average 50% more than visitors from other countries when visiting the United States and represented the majority of all luxury retail sales last year in Europe.
“With China poised to overtake Japan as the world’s top consumer of luxury goods in 2012 with over 30% global market share, it was incredible to discover that there was no curated online platform with the specific intention of influencing Chinese shopping behavior prior to and during travel,” said Bomoda CEO Brian Buchwald.
“Since day one, we’ve been very impressed with Bomoda,” said Geoff Judge, Partner at iNovia Capital. “There’s no doubt that while the Chinese luxury market is very large and growing there are hurdles for both the consumer and the brands. We’re excited to have identified a team with an excellent combination of Chinese editorial plus e-commerce and digital media leadership experience. This team is creating a unique platform that really meets the needs of Chinese consumers and Western brands.”
Bomoda is a membership-based online community that provides curated content on luxury fashion and lifestyle straight from the world’s fashion capitals to Chinese travelers. Headquartered in New York City, with outposts in London, Shanghai and Beijing, and contributors based in Paris, Milan, Hong Kong and Tokyo, Bomoda continually searches the world to distill the best of the best in luxury fashion, beauty, hotels, and cuisine.
About iNovia Capital
iNovia partners with exceptional entrepreneurs to build successful companies in high growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $275M under management across three seed and early stage funds. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at www.twitter.com/iNovia