Konvy.com raises $10m Series A from Insignia Ventures
Thailand’s leading beauty e-commerce platform, Konvy, raises US$ 10 million from Insignia Ventures Partners in a Series A round. Previously, Konvy had raised seed funding from Alpha Founders Capital and ECG Ventures Capital.
The 10 year old company raised institutional venture funding as it seeks to accelerate the expansion of its omnichannel and international distribution for healthy & beauty brands and ramp up hiring for its team.
Konvy.com launched in 2012 by Chinese entrepreneur, Mr. QingGui Huang who had previously managed fashion e-commerce platform in China. Konvy has since been at the forefront of leading Thailand’s e-commerce revolution especially in the beauty segment.
In Thailand, Konvy has played a key role in unlocking greater value for both local and international beauty brands to tap into two key consumer behaviors that have continuously developed over the past decade. First, health & beauty has long been a priority spend for the Thai consumer and second, Thai consumers have not just been making increasing purchase through ecommerce but also via different social media platforms as the country’s young population spending an average of 2 hours and 55 minutes on social media per day.
In 2021, Thai beauty, health, personal & household care is estimated to be US$4 billion (US$19.6 billion whole ecommerce) and expected to grow to US$6.4 billion (US$33.6 billion in 2025) by 2025, and within the beauty segment, skincare products have the highest revenue share of 42%.
Insignia Ventures similarly sees this opportunity for further growth through its investment in Konvy. This marks not only the firm’s first investment in a Thai-based and focused company but to also gain exposure to Southeast Asia’s rapidly growing health & beauty commerce segment.
“Over the past few years in Southeast Asia we have seen the rise of the omnichannel commerce platform, widening the connectivity of brands to end consumers. In Thailand, we saw that Konvy has already been leading the health & beauty market with an increasingly multi-channel approach, leveraging both the country’s affinity for beauty products and purchasing behavior through various online platforms. We were impressed by QingGui and his team’s ability to grow Konvy towards market leadership with capital efficiency and are excited to be partnered with them as they accelerate their growth. 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 long-standing brand equity, brand-centric and community-led approach,” says Yinglan Tan, Founding Managing Partner at Insignia Ventures Partners.
Currently, Konvy works with 1,000+ brands representing SKU selection of more than 20,000 on its platform. Konvy’s brand portfolio includes globally recognized brands like L'Oréal, Shiseido, Sulwhasoo, Eucerin, La Roche-Posay and many more.
“From day one, we built Konvy to serve as an alternative and better platform for beauty brands to meet the Thai consumers need, and we have been fortunate to bootstrap to grow this business to become a market leader. But as we look to accelerate our growth, we see the value of collaborating with partners like Insignia Ventures. With this round of funding are aiming to scale up our distribution capabilities to help more local and global brands and solidify our position as the platform of choice for beauty brands in Thailand and SEA,” shares Konvy CEO and Co-founder QingGui Huang.
Konvy.com is Thailand's No.1 Beauty E-commerce Platform. The website was launched in 2012 and currently carries over 1,000+ global and local beauty brands from skincare to makeup, perfumes, among many other categories. The products are offered through various channels including Konvy’s in-house e-commerce retail platform, e-commerce marketplaces, and 800+ offline retail stores.
About Insignia Ventures
Insignia Ventures Partners is an early-stage technology venture capital firm partnering with unstoppable founders to build great companies in Southeast Asia. Portfolio companies include Goto, Appier, Carro, Ajaib, Shipper, Tonik, Flip, Payfazz, Super and many other technology market leaders. We partner early with founders and support them from seed through growth stage as their companies create meaningful impact for millions of people in Southeast Asia and beyond. Our team of investment and operating professionals bring together decades of experience and proprietary networks to equip our founders with the tools they need for growth. Insignia Ventures Partners manages capital from premier institutional investors including sovereign wealth funds, foundations, university endowments and renowned family offices from Asia, Europe and North America. Learn more on our website and Insignia Business Review. Follow us on LinkedIn, Instagram, and Twitter.
About Alpha Founders Capital
Alpha Founders Capital (AFC) is a venture capital firm with focus on Indochina, particularly Thailand and Vietnam. We typically invest into late seed rounds. With our network of Venture Partners we identify and evaluate high growth early stage companies sector agnostic. We add value by working with the founding teams, coaching them on key topics, providing them with access to our network. Portfolio companies include Rabbit Care, Chilindo, Property Scout, Nutrition Technologies, Sirius, Konvy and APX. Learn more on our website. Follow us on LinkedIn.
About ECG Venture Capital
ECG Venture Capital is a Thailand based PE fund. ECG is an 11 year old evergreen fund, with the first 8 years, focusing only on real estate investments. In mid 2020, we diversified into startups and funds. As of 2022, ECG has made 23 direct investments in startups and 10 VCs around the world. Learn more on our website.