Greater Mekong-focused private equity firm Belt Road Capital Management (BRCM) has announced a $5 million Series A financing in Cambodia-based internet startup Groupin – the holding company of e-commerce platform Little Fashion and digital media firm Mediaload.
The startup aims to expand further as a regional internet company, taking part in the growth of the e-commerce and online media market of Southeast Asia.
“We will invest in mobile technology, logistics, product vertical expansion and customer support to turn L192 [now Little Fashion] into the region’s most customer centric marketplace platform. We believe our digital media business model needs to evolve into a content aggregator app,” said Groupin CEO Vichet In in a statement.
Founded in late 2010 as a Facebook retailer for fashion wear and lifestyle products through an online platform L192, Little Fashion has got 1.6 million followers on Facebook.
Meanwhile, the company claims that its content platform, Khmerload in Cambodia and Myanmarload in Myanmar that covers topics from entertainment to sports has gained 8 million monthly users and 20 million social media followers.
In a previous financial round, Mediaload raised $200,000 in seed funding from 500 Startups in 2017.
The startup is run by its a team of co-founders, also siblings, Vichet In, Vichea In, Visal In and Mayan In.
“We see huge potential in this marketplace. Bringing Mediaload together with the e-commerce platform allows for significant synergies and access to millions of potential customers in both Cambodia and Myanmar,” said Alex Odom, Chief Investment Officer of BRCM.
Last month, DEALSTREETASIA published an exclusive report that BRCM is targeting up to $100 million for its second fund, double the size of its first fund. Other portfolio companies of BRCM across the Mekong region include Digital Classifieds Group, Oway, WeRocket, Unnitel, Sabay Digital and Vietnam’s Tima and LeFlair.