Singapore-based luxury private flash sales site Reebonz (pronounced ‘ribbons’) has completed a $40 million (S$50 million) financing round led by Singapore’s media giant MediaCorp.
Other investors in this round are Vertex Asia Investments,
Granite Global Ventures GGV Capital, Intel Capital, Matrix Partners China, and Infocomm Investments, the venture arm of Infocomm Development Authority of Singapore. This financing round values Reebonz at about $200 million (S$250 million).
Reebonz offers short-duration, online private sales events, which are exclusively open to members only. Registration to Reebonz is free. Sales events are for both women’s and men’s brands and are modeled around the concept of ‘accessible luxury’ with up to 70 percent discount.
MediaCorp CEO Shaun Seow told his own network, Channel News Asia (CNA):
We see great alignment between what Reebonz does and what MediaCorp has – audiences, content targeted at the luxury market and our star power. We are confident that by collaborating closely with Reebonz, we’ll see even more breakthroughs from the retailer
Reebonz was founded in March 2009 by Samuel Lim, Daniel Lim, and Benjamin Han who haven’t been speaking much to the tech press recently. Many Singaporean entrepreneurs and investors have long thought of Reebonz as one of the most promising internet companies in the nation. Besides, Reebonz.com, the founders also run Kwerkee.com, a store for designer-created items that was started in April 2012.
Reebonz’s success is built upon layers of experience. Prior to Reebonz, Samuel founded Fusion Mobile in 2000, a mobile content business that was later acquired by a Malaysian listed company in 2007. In 2004, Samuel founded Fusion Direct, a company that did database marketing, and that was acquired by a Singapore listed company in 2010.
Samuel, who’s the CEO at Reebonz, told CNA that with this investment he wishes to “build a world-class billion-dollar Internet commerce group out from Singapore.”
Dr Lim Kuo-Yi, CEO of Infocomm Investments, echoed Samuel’s mission and told us:
We are excited to be working with Samuel, his team, and fellow investors in growing Reebonz as the top online luxury retailer in Asia. It is our mission to support our Infocomm startups to expand internationally, and we are confident Reebonz will show it is possible to build a great startup from Singapore.
Prior to this MediaCorp-led financing round, Reebonz has also received funding from Vertex Asia Investment and Intel Capital. Headquartered in Singapore, Reebonz has regional offices in Malaysia, Indonesia, Thailand, Taiwan, Hong Kong, Australia, Shanghai, and Korea.