Thailand’s fashion commerce platform Pomelo is raising up to $20 million in a Series C3 round, per its filings with the Singapore Accounting and Corporate Regulatory Authority.
A tranche of about $12.5 million has been received from investors including European family office Ambient Sound Investments, TA Activity Singapore, Suntory One Limited, Lavender Investments Limited, Deverel Development, Marganit International and ORZON Ventures.
Ambient Sound Investments is the investment firm established by four founding engineers at Skype, while TA Activity Singapore is linked to former Skype founder Toivo Annus. ORZON Ventures is the new venture capital fund formed by Thailand’s energy and retail major PTTOR in partnership with 500 TukTuks, the Thai fund of 500 Global.
The price of the Series C3 shares is $1.26 per unit, which is the same as Pomelo’s share price in a round it raised in June 2020, when the company secured $12.18 million, according to DealStreetAsia’s DATA VANTAGE.
At this price, Pomelo is valued at about $308.5 million, per DealStreetAsia’s calculations.
In 2019, the company announced a $52-million Series C funding from Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, Ambient Sound Investments, Toivo Annus, Lombard Investments, and The Luxembourg Company Deverel.
Pomelo’s $19-million Series B investment was raised in 2017, led by Chinese retailer JD.com and Provident Capital.
Other investors in the company include Jungle Ventures, 500 Global and Innoven Capital. In total, Pomelo had raised $89.6 million prior to the latest Series C3 round.
Pomelo co-founder and CEO David Jou told DealStreetAsia in an earlier interview last month that the company was considering different options, including a SPAC merger or a local listing.
The firm operates a tech-assisted tap-try-buy model through a network of 26 stores across Thailand, Singapore, Indonesia, Malaysia, and the Philippines.