Insignia Ventures Partners contributed $10 million to a series A fundraising round for Konvy, a Thailand-based e-commerce platform for cosmetics. With this transaction, Insignia makes its first investment in a Thai-based company with a regional emphasis.
Konvy, a firm founded in 2012, assists beauty brands in selling their goods on the startup’s platform, other e-commerce platforms, and traditional brick-and-mortar retailers. These brands may be concentrated on skincare, cosmetics, or fragrances.
More than 1,000 companies are now represented by it, including well-known names like L’Oréal, Shiseido, Sulwhasoo, Eucerin, and La Roche-Posay.
In Thailand, the market for cosmetics and personal care items was projected to reach US$4.2 billion in 2016 and increase at a 5.5% CAGR through 2025. With a 42% sales share, skin care is the most popular category in the nation’s personal care market.
Leon and QingGui Huang founded the company Konvy. The company received seed investment from Alpha Founders Capital and ECG Venture Capital before this round.
The e-commerce platform intends to increase staff numbers while accelerating the growth of its omnichannel and international distribution operations with the help of the new capital.
