Singapore-based womenswear company Love, Bonito has bagged $50 million in a Series C funding round led by China-based private equity firm Primavera Capital Group.
The deal marks the first Southeast Asia investment by Alibaba and ByteDance-backer Primavera.
Other investors that participated in the round include Japanese retail group Adastria and China-based venture capital firm Ondine Capital.
According to the startup’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), British Virgin Islands-based Merga Investments, which is understood to be a vehicle of Primavera Capital, bought Series C preference shares for $38.83 million.
Adastria invested $10 million in the round, while Ondine put in $1 million.
In its statement, Love, Bonito said the fresh funds will go towards its overseas expansion. Its fastest-growing markets are Hong Kong, Japan, the Philippines, and the US.
The company, which started out as a blog shop in 2005 called Bonito Chico before rebranding in 2010, operates in seven other countries — Singapore, Malaysia, Indonesia, Cambodia, Taiwan, Japan, and Australia.
It will also use the capital to expand its product range to include activewear and venture into content creation.
“Primavera is deeply impressed by how much the team has achieved over the last decade and looks forward to tapping into our understanding and experience in the global consumer sector,” the PE firm said in a statement.
Love, Bonito’s other investors include Singapore-based venture capital firm Openspace Ventures and Japan-based price comparison website Kakaku.com.
The startup claims to have grown over 120% year on year in its international markets and 208% in online sales. It faces stiff competition from global fast-fashion retailers such as Shein and Boohoo.
Love, Bonito had last disclosed raising $13 million in February 2018.
According to DealStreetAsia’s DATA VANTAGE, it recorded $19.66 million in revenue in 2020, down about 13% from a year ago. Its net loss came down by nearly 17% to $2.86 million.