KeaBabies clocks 7 years of profit – without a cent from VCs

KeaBabies, a baby and maternity brand from Singapore, just had another good year.

In 2024, the firm continued its profitable streak for over seven years. Revenue climbed 46.5% to US$76 million, as shown by the audited financial statements of the brand’s parent company, KeaWorld Pte. Ltd.

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

KeaBabies’ net profit also surged by over 73% to US$8.9 million that year, according to the financial statement.

Since its founding in 2017, KeaBabies has evolved from an initial US$30,000 investment by its founders – husband-and-wife team Ivan Ong and Jane Neo – into a global business on track to reach US$100 million in revenue in 2025.

The founders decided early on to remain bootstrapped, Ong tells Tech in Asia. This was despite being approached by notable VC firms like Heliconia Capital and Insignia Ventures Partners.

Still, Ong treated these interactions as learning experiences that gave him an understanding of the VC funding process. They also made it clear that KeaBabies could succeed without external funding.

Today, Ong and Neo own 100% of KeaBabies. The company has also remained entirely self-funded, which allows it to grow organically, avoid debt and loans, and operate on the founders’ terms without investor pressure, Ong says.

KeaBabies is aiming for US$100 million in revenue by the end of 2025 as it doubles down on its core products, including its baby carrier and pillows.

Direct-to-US

KeaBabies is a direct-to-consumer brand offering a range of baby and maternity essentials.

One of its hit products is its wrap carrier, which has garnered over 26,000 reviews on Amazon, most of which are positive. Its listing on the ecommerce site shows that over 2,000 customers purchased the item in the past month alone.

Today, however, the brand’s biggest source of revenue is its “sleep” range, which includes products like crib sheets, pillows, and pajamas.

KeaBabies is currently present in over 10 markets, including Canada, Germany, and the UK. However, its revenue mostly comes from the US, where it gets 86% of its sales. This reality mirrors what other Singaporean D2C companies like Secretlab and Allies of Skin have done.

The brand primarily relies on Amazon to sell its products in the US.

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