Bootstrapped baby ecommerce brand hit $58m in 2023 revenue

KeaBabies founders Ivan Ong and Jane Neo, with their kids / Photo credit: KeaBabies

KeaBabies, a Singapore-based baby products company, hit revenue of US$58 million in 2023, its co-founder and CEO Ivan Ong said. According to Ong’s LinkedIn post, the amount is an increase from US$37 million of revenue in 2022.

This continues a trend of digitally native consumer brands from Singapore that have gained traction in the US. Its peers include gaming chair maker Secretlab and furniture retailer Castlery.

Without disclosing specifics, Ong told Tech in Asia that KeaBabies continued to be profitable 2023 with double-digit net profit margins. The firm, which is bootstrapped, first turned a profit in its sixth month of operations. In 2020, it had US$20 million in sales.

Founded by Ong and his wife Jane Neo in 2017 with a US$30,000 investment, KeaBabies specializes in safe and functional products for parents and babies, including maternity care items and baby essentials.

While headquartered in Singapore, the company manufactures its products in China and sells them to the US market, with help from Amazon’s fulfillment services.

Ong said in his post that KeaBabies initially had a US$50 million target for its 2023 revenue. Among other things, the bigger-than-expected growth is due to a “clear path for product expansion and sales growth,” he told Tech in Asia.

KeaBabies has 67 employees, according to Ong. As the company is cash flow positive, it has “no plans for a fundraise and will continue to grow organically for now,” he added.

See also: $20m in sales with no funding: How a Singapore baby ecommerce brand did it