From Pokemon to Labubu, collectibles draw VCs to bet on SEA firms

Forty-something Zodie Hanafiah had always kept a collection. He amassed comics in elementary school, Pokemon cards in high school, and sports cards in college. By the time he was a father of two, his eight-year-old daughter became a trading card enthusiast.

“It’s part of who I am,” Hanafiah tells Tech in Asia. The marketer also sells comics on the side on collectibles-focused marketplace Collektr.

Hanafiah represents the growing trend of “kidults” – adults who buy and trade products like toys, comics, and trading cards originally meant for kids. While toy collecting has long been popular, Gen Z and millennials have recently turned it into a US$6 billion market in Southeast Asia, as per a Statista report.

Photo credit: Pop Mart Thailand

This has attracted the attention of investors. In October 2024, Collektr raised US$1.3 million in a pre-seed funding round led by Malaysia-based AC Ventures. Toki.ph, a similar platform from the Philippines, bagged US$1.8 million of pre-seed funding in January the same year, counting the likes of former Grab Philippines manager Brian Cu and Globe Telecom CEO Ernest Cu as angel investors.

Even Singapore-based toy collectibles maker Mighty Jaxx, which has released figurines and statues out of popular entertainment intellectual properties, snagged US$11 million of additional funding in May last year.

Jing Zhi Peh, regional head of goods at Carousell, says “Hobbies and Toys” have consistently been in the top three most transacted categories of the platform. She adds that “Labubu,” a popular plush toy from Chinese toymaker PopMart, was the top searched keyword in Singapore for 2024.

This furry bunny-like creature with a serrated smile has amassed a huge fan following in Southeast Asia. In Thailand, the Labubu toy was sold in official PopMart stores for US$16 and then resold by traders for nearly US$300.

Labubu plush toys / Image credit: Pop Mart

The Chinese toy maker has already cashed in with the hype. Southeast Asia is the largest overseas market for PopMart, accounting for 40% of its international sales. The company recorded US$78.4 million in sales from the region in the first half of 2024.

But does this mean Southeast Asian ecommerce startups can build sustainable businesses out of collectibles, or are they just jumping on a fleeting pop culture trend?

Business from bidding

Unlike Carousell, which focuses on product listings, Collektr and Toki rely on live commerce to sell collectibles.

Collektr CEO Adlin Yusman regularly hosts a livestream featuring Magic: The Gathering trading cards. A streaming session may not have more than 50 viewers, but users are often active, as they either bid or leave comments during a stream.

Community building can be costly

Can they survive the hype?