Vertex Ventures, UK-based S4 pick up stake in Reebonz Holding

Samuel Lim, founder and chief executive officer of Reebonz Pte, poses for a photograph at the company's headquarters in Singapore, on Friday, Jan. 2016. Photographer: Nicky Loh/Bloomberg

Singapore-based venture capital firm Vertex Ventures has acquired $5 million worth of common shares in Reebonz Holding Limited (RBZ), the entity created after the merger of Singapore’s homegrown online luxury marketplace Reebonz with US-based Draper Oakwood Technology Acquisition (DOTA).

The investment by Vertex Ventures was made out of its Vertex Co-Investment Fund. Another UK-based investor, S4 Limited, also agreed to acquire 1 million shares of Class A common stock in RBZ, according to an SEC filing.

Subsequent to the merger with DOTA, a NASDAQ-listed special purpose acquisition company, RBZ has been trading on the Nasdaq since December 20, 2018.

In an SEC filing on December 26, 2018, RBZ disclosed that it did not meet the listing requirement of having a minimum shareholders’ equity amount of $4 million, which may cause it to be potentially delisted.

RBZ is currently led by Reebonz’s current management. Its current CEO and co-founder Samuel Lim has become the chairman and chief executive of RBZ. Reebonz did not respond to emails seeking comment.

Founded in 2009 by Samuel, Daniel Lim and Benjamin Han, Reebonz operates an online marketplace and platform for buying and selling new and pre-owned luxury products in the Asia Pacific. It claims to have over 5.5 million members, more than 350 employees and business operations in Singapore, Malaysia, Indonesia, Taiwan, Hong Kong, Thailand, Australia, South Korea, China, and the US.

Reebonz backers include Vertex Ventures, GGV Capital, Intel Capital, Matrix Partners China, Mediacorp, SGInnovate, FengHe Group, OCBC Bank, All Star Investments managing partner and chief investment officer Richard Ji, and Morningside Venture Capital managing director Richard Liu, amongst others.

RBZ closed at $1.72 on Tuesday, down 17.31 per cent.

Also Read:

Singapore’s luxury marketplace Reebonz to list on NASDAQ after merger with DOTA

SE Asia’s largest online luxury retailer Reebonz to raise up to $150m

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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.