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.