Singapore’s iFashion Group buys INVADE for $1.1m

Singapore-based iFashion Group, an online collaborative venture platform, has acquired INVADE, a local real-time retail space booking platform, for S$1.5m (about $1.1 million) in both shares and cash, it said in a press release.

“This venture brings about mutual sharing of experience and knowledge between the two companies,” said Jeneen Goh, managing director of iFashion Group.

Goh added, “By joining iFashion Group, INVADE will benefit from resources such as access to capital and corporate resources from an experienced entrepreneurial team. In return, we would gain from INVADE’s vast exposure to the commercial property market.”

Koh Cheng Guan, the co-founder of INVADE also said that the shoppers and merchants under the booking system will be connected to a wider range of brands under iFashion Group.

Through INVADE’s e-portal, which went live in January 2016, businesses can match themselves with landlords to discuss commercial leases, and vice versa.

“Our focus is to become the largest retail-space e-marketplace in Singapore,” Koh said in a statement.

Currently, INVADE claims to have a database of more than 35,000 online and physical retailers, including pop-up retail stores in prime locations like Lucky Plaza, 112 Katong and Triple One Somerset as well as flea market booths.

With this acquisition, iFashion Group’s online retailers will have greater access to brick and mortar locations through INVADE’s units, the firm said.

Going forward, iFashion Group intends to list itself on the Australian Securities Exchange (ASX) next year.

Earlier in March 2016, iFashion Group announced raising $730,000 from seed fund and accelerator programme Rimu Group. It had also raised an undisclosed sum from Fatfish Internet Group which has a track record of listing itself and portfolio companies on the ASX.

Also Read:

Rocket Internet’s Global Fashion Group raises $339m, valuation down by one-third

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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.