KONVY secures US$11M from Alibaba, Robinson, and Insignia
From left to right: Leon Huang (CFO & Co-Founder), Mia Chou (Ecommerce Director), QingGui Huang (CEO & Co-Founder), Pornsuda Vangvidhayakul (Managing Partner), JC Chen (CCO)
Bangkok 8th January 2024 - Thailand’s leading online beauty products e-commerce platform Konvy raises an US$11M second round of Series A fundraising from New Day Ventures Limited, the investment arm of Robinsons Retail Holdings, Inc, one of the largest retail operators in the Philippines, Alibaba International Digital Commerce Group (Alibaba International), and existing investor Insignia Ventures Partners. The recent round of funding, which saw enthusiastic participation from global strategic investors, will enable Konvy to go from local market leader to regional player.
Regional Expansion Begins with Philippines as the Gateway
Konvy has consistently set industry standards for quality, variety, and customer satisfaction in the Thai beauty e-commerce sector, with more than 1,000 global and local brands and 20,000 products hosted on its platform. With the Philippines’ dynamic beauty market, this foray into the country represents a new opportunity for Konvy to bring these standards across the region, beginning with the Philippines.
“After Thailand, the Philippines is the next port of entry for mass adoption of beauty products and remains a trendsetter in the industry with their young and digitally savvy population. Konvy aims to replicate our success in Thailand by offering a diverse range of beauty products, blending the convenience of online shopping with the immersive experience of a physical store,” shares QingGui Huang, CEO & Co-Founder of Konvy.
New Investors Propel Konvy to New Heights
Supporting this expansion are two new prominent investors whose partnership goes beyond this latest funding round. New Day Ventures Limited, as an investment arm to one of the largest retail operators in the Philippines, opens doors to strategic partnerships that will enhance Konvy’s online and offline customer engagement in the country.
Alibaba International also comes in as a strategic investor with their global leadership in digital commerce complimenting Konvy’s vision to redefine the online shopping experience for beauty products in the region.
QingGui adds, “We envision Konvy becoming a key player in the regional beauty e-commerce landscape, redefining industry norms and setting new standards for customer satisfaction. The strategic partnership with Alibaba International Digital Commerce and New Day Ventures Limited is a testament to the company's ability to take this shared vision of transforming the beauty retail sector across Southeast Asia. This vision has also been reaffirmed by the continued support of Insignia Ventures Partners as one of our earliest investors.”
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 offline retail stores.