Taiwanese luxury marketplace bags over $3m, eyes SG entry

PopChill founders Andy Kuo (left) and Kelly Liao / Photo credit: PopChill

PopChill, a luxury marketplace operating in Taiwan and Hong Kong, has secured an additional US$1.3 million via its pre-series A fundraise. This increases the round’s total to US$3.1 million and pushes the company’s total capital raised to US$6.2 million to date.

The most recent contributor to the round is Top Taiwan Venture Capital. Acorn Pacific, 500 Global, ITIC, AVA Angels Fund, and Darwin Ventures are among PopChill’s existing investors.

PopChill will use the funds to reach break-even in Taiwan by the end of the year and expand its Hong Kong operations. It is also looking to enter a new market this year, with Singapore as its primary target.

The company also plans to hire 18 to 20 people to bolster its workforce. PopChill aims to capitalize on the growing luxury resale market, which has doubled in the last four years. About US$49.3 billion of secondhand luxury goods were sold globally in 2023, according to a report from Bain & Company.

PopChill said its monthly growth rate in Hong Kong was at 40% in 2023, helping the company increase total transactions by 10%. In Taiwan, its annual gross merchandise volume (GMV) hit US$18.5 million, with monthly transactions exceeding US$1.5 million.

The company has partnerships with three of Japan’s top 10 luxury resellers and several suppliers in Taiwan and Hong Kong, enabling it to offer 100,000 items on its platform. Sales of high-end brands like Chanel, Louis Vuitton, and Hermes contribute 60% of PopChill’s total revenue.

Although handbags currently account for 80% of sales, PopChill plans to add watches and jewelry in its product range in the next six to 12 months.

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