Konvy, Thailand’s leading beauty e-commerce platform,
raises US$10 million from Insignia Ventures to expand its omnichannel and international distribution for beauty brands Highlights
published : 12 Oct 2022 at 10:32
• Thailand’s leading beauty e-commerce platform, Konvy, has raised US$10 million from Insignia Ventures Partners in a Series A round.
- Konvy raises institutional venture funding as it seeks to accelerate the expansion of its omnichannel and international distribution for healthy & beauty brands and ramp up hiring for its team.
- Prior to Series A funding round, Konvy had raised fund from Alpha Founders Capital and ECG Venture Capital.
- Konvy works with 1,000+ brands representing SKU selection of more than 20,000 on its platform. Konvy’s brand portfolio includes globally recognised brands like L'Oréal, Shiseido, Sulwhasoo, Eucerin, La Roche-Posay and many more.
Thailand’s leading beauty e-commerce platform, Konvy, raises $10 million from Insignia Ventures Partners in a Series A round. Previously, Konvy had raised seed funding from Alpha Founders Capital and ECG Ventures Capital.
The 10-year-old company raised institutional venture funding as it seeks to accelerate the expansion of its omnichannel and international distribution for healthy & beauty brands and ramp up hiring for its team.
Konvy.com launched in 2012 by Chinese entrepreneur, Mr. QingGui Huang who had previously managed a fashion e-commerce platform in China. Konvy has since been at the forefront of leading Thailand’s e-commerce revolution especially in the beauty segment.
In Thailand, Konvy has played a key role in unlocking greater value for both local and international beauty brands to tap into two key consumer behaviours that have continuously developed over the past decade. First, health & beauty has long been a priority spend for the Thai consumer and second, Thai consumers have not just been making increasing purchases through ecommerce but also via different social media platforms as the country’s young population spends an average of 2 hours and 55 minutes on social media per day.
In 2021, Thai beauty, health, personal & household care is estimated to be US$4 billion (US$19.6 billion whole ecommerce) and expected to grow to US$6.4 billion (US$33.6 billion in 2025) by 2025, and within the beauty segment, skincare products have the highest revenue share of 42%.
Insignia Ventures similarly sees this opportunity for further growth through its investment in Konvy. This marks not only the firm’s first investment in a Thai-based and focused company but also gaining exposure to Southeast Asia’s rapidly growing health & beauty commerce segment.
“Over the past few years in Southeast Asia we have seen the rise of the omnichannel commerce platform, widening the connectivity of brands to end consumers. In Thailand, we saw that Konvy has already been leading the health & beauty market with an increasingly multi-channel approach, leveraging both the country’s affinity for beauty products and purchasing behaviour through various online platforms. We were impressed by QingGui and his team’s ability to grow Konvy towards market leadership with capital efficiency and are excited to be partnered with them as they accelerate their growth. While there may be stronger competition from horizontal marketplaces in the future, we believe Konvy is best positioned to be the market leader in the online beauty segment given its longstanding brand equity, brand-centric and community-led approach,” says Yinglan Tan, Founding Managing Partner at Insignia Ventures Partners.
Currently, Konvy works with 1,000+ brands representing SKU selection of more than 20,000 on its platform. Konvy’s brand portfolio includes globally recognised brands like L'Oréal, Shiseido, Sulwhasoo, Eucerin, La Roche-Posay and many more.
“From day one, we built Konvy to serve as an alternative and better platform for beauty brands to meet the Thai consumers need, and we have been fortunate to bootstrap to grow this business to become a market leader. But as we look to accelerate our growth, we see the value of collaborating with partners like Insignia Ventures. With this round of funding we are aiming to scale up our distribution capabilities to help more local and global brands and solidify our position as the platform of choice for beauty brands in Thailand and SEA,” shares Konvy CEO and Co-founder QingGui Huang.