Aditya Hadi Pratama · · 1 min readInsignia Ventures Partners pours $10m into Thai beauty ecommerce firm
Konvy, a Thailand-based beauty ecommerce platform, has raised US$10 million in a series A funding round from Insignia Ventures Partners. The deal marks Insignia’s first investment in a firm that’s based in and focused on Thailand.
Konvy co-founders Leon Huang (left) and QingGui Huang (right), with managing partner Pornsuda Vangvidhayakul / Photo credit: Konvy
Founded in 2012, Konvy helps beauty brands – including those that are focused on skincare, makeup, and perfumes – sell their products on the startup’s own platform, other ecommerce marketplaces, and offline retail stores.
It currently works with more than 1,000 brands, including prominent names such as L’Oréal, Shiseido, Sulwhasoo, Eucerin, and La Roche-Posay.
The beauty and personal care product market in Thailand was expected to hit US$4.2 billion last year, with a 5.5% annual growth rate through 2025. Skincare is the most popular segment in the country’s personal care industry, holding a 42% share of the sector’s sales.
Konvy was established by QingGui Huang and Leon Huang. Prior to this round, the firm had raised seed funding from Alpha Founders Capital and ECG Venture Capital.
The ecommerce platform plans to use the fresh funding to accelerate the expansion of its omnichannel and international distribution businesses as well as hire more employees.
See also: Series SEA: Who’s investing in the region’s ecommerce startups?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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