The company claims to be the largest online beauty store in Southeast Asia by product selection, consisting of makeup, skincare, nails, and body products from 105 brands for women and men. The cash injection will be used to expand its range of products, regional warehouse and operational capacity, and improve customer experience on web and mobile.
For Transcosmos, the investment is a fit because, through its investments and joint ventures, it is offering ecommerce services in 31 countries around the world. The partnership with Luxola will give it a greater presence in Southeast Asia.
Prior to this, Luxola, founded by CEO Alexis Horowitz-Burdick, has raised a series A round from GREE Ventures for an unknown amount, as well as a US$740,000 seed round from WaveMaker Labs, Singapore’s National Research Foundation, and angel investors.
Ecommerce is likely to dominate venture capital and seed funding investments in Southeast Asia again this year. Prior to this, US$151 million has come from ecommerce out of US$160 million in funding tracked so far, according to data from Techlist, Tech in Asia‘s platform for connecting investors with startups.
(Editing by Steven Millward)