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Online luxury shopping destination, Reebonz, has received an investment of SGD 20 million from Singapore’s multimedia group, MediaCorp. While MediaCorp is the lead investor in Reebonz’ latest round of fund raising, the online player has also received funding to the tune of SGD 30 million from its existing shareholders such as Vertex Asia Investments and Granite Global Ventures, Intel Capital & Matrix partners China.
This brings Reebonz’ total investment received to over SGD 100 million.
Reebonz holds short-duration online sales of affordable luxury products to over two million members across eight key markets including Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan, Korea and Australia.
This is the first time MediaCorp has invested in an online retail firm. The development comes at a time when e-commerce is flourishing in the region. “We are seeing increasing online purchases as consumers get comfortable with the convenience of such transactions. We have been watching the progress of Reebonz and are impressed by how it’s garnered such high confidence among online shoppers,” said MediaCorp CEO Shaun Seow in a prepared statement.
“Reebonz’ vision is to become the most trusted brand name on the internet to buy and sell accessible luxury to a growing middle class in Asia. To that end, part of our growth strategies is to invest in a world-class supply chain to provide a seamless customer experience. We are delighted to have MediaCorp as an investor and business partner and I am confident that the MediaCorp brand association will further solidify Reebonz’s position in the online luxury goods space and build a world-class billion-dollar Internet commerce group out from Singapore,” said Samuel Lim, CEO, Reebonz.
Lim started the venture with partners Benjamin Han, Daniel Lim and a founding team of 20 in mid 2009.
“Besides the funding, the partnership between Reebonz and MediaCorp will be a strategic fit. Details are still being discussed, but I look forward to leveraging on its media assets and artistes to grow our marketing network and more importantly grow the Reebonz brand. As Asia’s middle class becomes more affluent, we expect them to become lifelong consumers of luxury products – this lifecycle is what we believe will create a sustainable business segment for Reebonz,” added Lim.
