[Editor’s note: An earlier version of this article had erroneously mentioned that Zilingo has raised a fresh $100-million round. We have made a correction to reflect the change].
Singapore-based fashion platform Zilingo is planning to invest $100 million to expand into the US.
According to a statement, Zilingo’s $100 million investment into the U.S. is part of an accelerated growth strategy into new markets, including Australia, Europe, and the Middle East. It recently launched offices in New York and Los Angeles over the summer and will look into expanding its sales and product teams there.
Zilingo last raised $226 million in a Series D round in April, joined by existing investors Sequoia Capital, Burda Principal Investments and Sofina, as well as new investors Temasek Holdings and EDBI. The company was believed to be valued at close to $1 billion at the time.
Founded in 2015 by Ankiti Bose and Dhruv Kapoor, Zilingo acts as an e-commerce platform allowing merchants to sell to end consumers in Southeast Asia. It has since branched into solving “upstream” problems in the fashion supply chain industry including sourcing, software, data, and financing. Its technology-led solutions target five key areas: software, data science, financial services, sustainability, and compliance.
“The fashion industry is exploitative, wasteful and, frankly, completely broken,” said Ankiti Bose, co-founder, and CEO of Zilingo. “We’re a technology company at heart, and firmly believe in the power of technology to improve business and the world. We’re bringing technology to a supply chain that hasn’t changed since the industrial revolution. Zilingo levels the playing field in fashion so that businesses – no matter how big or small – can have access to a fair, transparent, affordable, fast supply chain.”
At DealStreetAsia’s Indonesia PE-VC Summit 2019 in January, Zilingo co-founder and CEO Ankiti Bose said that the startup was likely to venture into offline retail and that an IPO is a “logical path” for it. Today, Zilingo enables 60,000 retailers and 6,000 factories on its platform, across 17 countries.