Thai fashion commerce platform Pomelo raising $20m in Series C3 round

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.

Singapore Reporter/s

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

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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.