HK’s fashion e-commerce startup Goxip raises $1.4m from Convoy

Hong Kong-based fashion e-commerce startup Goxip has raised an additional $1.4 million in fresh funding from financial services firm Convoy Global Holdings, to fuel Southeast Asia expansion and offer new payment services.

The startup had earlier raised $5 million from mobile video and photography app Meitu and Nan Fung Group as well as a group of three women individual investors in January this year.

Meitu also participated in the latest round.

Goxip will use the capital to launch in more Southeast Asian markets after having entered Malaysia and Thailand. With Meitu investing in the previous round, Goxip was able to leverage the Chinese internet company’s 456 million monthly active users to accelerate its market expansion in Southeast Asia.

“With Meitu’s help we’ve been growing faster than expected, especially with our Thailand launch ahead of schedule. Bringing Convoy on board will allow us to keep our momentum while also adding an important fintech component to our play, especially as we enter emerging markets across Southeast Asia where spending power still lags behind Hong Kong and Singapore,” said Goxip CEO Juliette Gimenez.

In conjunction with the financial investment from Convoy, Goxip will offer installment loans to its online shoppers.

This initiative is expected to increase Goxip’s conversions and sales by making its high-end brands and products available to a much larger audience, especially in emerging markets like Thailand, the company said in a statement.

Goxip is also diversifying its business to influencer marketing with the launch of RewardSnap, which engages internet influencers, especially Instagram users. More than 150 influencers with a total following of over 14 million have signed up for the platform.

Goxip said it had 600,000 users and average orders of $300 per month.

Convoy has previously invested in financial services firms Nutmeg from the UK and Ireland-based Currencyfair, which acquired Convoy’s payments business.

Convoy, established in 1993, focuses on three core businesses of financial advisory, financial product manufacturing and fintech. It was listed on the Hong Kong Stock Exchange in 2010, but trading of the shares has been suspended since December 2017 over a lawsuit against its former chairman and related individuals.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.