Singapore-based BuzzCommerce, a cross-border beauty e-commerce startup, is raising at least $1 million in its latest funding round to create its own cosmetics and supplement products to serve demand in China and Japan.
The company’s chief executive Shinsuke Wakai told DEALSTREETASIA that he expects to close the round before this year’s end. However, he did not disclose further details, including the potential investor’s name.
Wakai has previously tasted success with Cosmenet, one of the leading cosmetics review websites in Thailand with 250,000 followers, which he founded. He set up BuzzCommerce in April 2014 in a bid to tap into the beauty e-commerce segment. East Ventures provided an undisclosed amount of seed funding in the following month.
“When we started BuzzCommerce, we sold Japan’s cosmetics in Thailand. However, we could see that the Thai market remains small, compared to Japan and China,” he told this portal.
Last year, BuzzCommerce was selected to present its business in the first Embassy Pitch held by Japan Embassy and Thailand’s Science and Technology Ministry. “After my pitch, the Thai government asked why we don’t develop our own products in Thailand and take them into the global market. Since then, we’ve received support from the Thai government and started to work with local companies to make products to export to Japan and China,” he said.
The first product is set to be launched next month. Wakai said BuzzCommerce will focus on three categories — whitening creams, slimming dietary supplements, and supplements for men.
Currently, BuzzCommerce is present in five countries — including Thailand, Indonesia, Vietnam, China and Taiwan. Wakai believes that this provides the firm with not only effective marketing tools but also the data to analyse consumer trends and purchasing behaviour to develop its own products to meet consumer requirements.