Willis Wee · · 2 min readSingapore’s HipVan raises $1.12M from LionRock Capital and Toivo Annus
HipVan, a Singapore-based ecommerce startup that sells “great designs” in home and furnishings, fashion, art, and other categories, has completed its SGD$1.4M (US$1.12M) seed round led by LionRock Capital and Skype co-founder Toivo Annus, Tech in Asia learns. This round marks the second time Annus has backed the startup, suggesting HipVan is looking promising and hitting its targets.
LionRock Capital, as described on its site “is a family investment office based in Singapore.” This financing round will see Anuroop Sreekumar of LionRock Capital join HipVan’s board.
With the additional investment, HipVan founder Danny Tan plans to continue growing its design selections with a “strong emphasis on home and living.”
“We also plan to continue to improve our customer experience from on-site to after sales,” says Tan.
To date, HipVan has gathered over 1,000 brands with about 12,000 products available for purchase in Singapore and Malaysia. It is achieving an “annualized revenue that crossed US$1 million in July,” Tan reveals. The majority of its revenue comes from the web but that might change soon. Coupled with the investment news, Tan shares that HipVan is now available on the App Store.
See: 14 popular ecommerce sites in Singapore
While billion-dollar startup Fab is experiencing hiccups this year, HipVan looks promising and is growing at a steady pace. Together with his team of 14, Tan isn’t bothered about Fab or similar site when asked.
No thoughts on Fab or other competitors, we’re just focused on introducing great designs to our customers and bringing great value to them.
Editing by Terence Lee
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