Cambodia records its largest startup funding round so far

Cambodia-based internet startup Groupin announced that it has raised US$5 million in a series A funding round from Mekong-focused private equity firm Belt Road Capital Management. This is possibly the largest startup funding round raised in Cambodia’s nascent startup scene, according to Belt Road’s press release. The claim is verified by Tech in Asia’s own data.

Co-founded by Vichet In, Vichea In, Visal In and Mayan In – all siblings – Groupin is the holding company of Little Fashion, an ecommerce player in Cambodia, and Mediaload, a digital media firm with operations in Cambodia and Myanmar.

Launched as an informal Facebook retailer in late 2010, Little Fashion, through its online platform L192, sells clothes, accessories, and lifestyle products via its online platform, social media pages, and retail stores. Its main Facebook page has over 1.6 million Facebook followers.

Known as Khmerload in Cambodia and Myanmarload in Myanmar, Mediaload focuses on Buzzfeed-style content ranging from entertainment to sports. It claims to rack up to 8 million monthly users and 20 million social media followers. Mediaload previously received US$200,000 seed funding from global capital seed fund 500 Startups in 2017.

“Little Fashion primarily operates in the low-cost online fashion industry, taking advantage of rising internet penetration, increasingly active online customers, and a growing middle-income population in Cambodia,” says Alex Odom, Chief Investment Officer of BRCM. “Bringing Mediaload together with the ecommerce platform allows for significant synergies and access to millions of potential customers in both Cambodia and Myanmar.”

“Although our startups are profitable, we need this funding to lay an early foundation for our transformation into a regional internet company. We will invest in mobile technology, logistics chain, product vertical expansion, and customer support,” says Vichet In, Groupin’s CEO.