The $3.1 million Pre-A+ funding round for PopChill, a luxury resale marketplace with operations in Taiwan and Hong Kong, was completed.
In addition to the $1.8 million that was previously disclosed, the company said in a statement that it had raised an additional $1.3 million, for a total of $3.1 million raised in this round.
Along with previous participants 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures, Top Taiwan Venture Capital is one of the new investors joining this round.
The total investment now stands at $6.2 million after this fresh infusion.
PopChill intends to use this investment to accelerate growth in the Hong Kong market and reach break-even in Taiwan by the end of this year.
They also intend to enter a new market this year, with Singapore as their primary goal.
Additionally, the company intends to expand its workforce this year by adding 18–20 new employees. These will include up to 3 staff members in a new market, a 26–35 increase in Taiwanese employees, and a 4–10 increase in Hong Kong employees.
PopChill’s successful expansion is bolstered by the fact that the global luxury resale market has doubled in size in the last four years.
Citing estimates from Bain & Company, the statement indicated that global sales of used luxury goods were expected to reach $49.3 billion in 2023.
Furthermore, according to recent Euromonitor data, Hong Kong is the top consumer of luxury goods, and Taiwan is one of the world’s major markets with the highest per capita spending on these items.
In Taiwan, the estimated worth of luxury personal goods is $8.1 billion, while in Hong Kong, it ranges from $3.2 to $5.4 billion.
PopChill’s sales in Hong Kong have increased significantly since the company’s launch last year, averaging a 40% monthly growth rate and now accounting for 10% of all transactions made by the company.
Before PopChill entered the Taiwan market, there was no safe place for luxury resale, despite the fact that many Taiwanese people had pre-owned luxury goods they wanted to sell.
The use of 99.1 percent accuracy rate authentication technology from AI company Entrupy is largely responsible for its success.
The company’s gross merchandise value (GMV) for Taiwan is $18.5 million per year, and more than $1.5 million is transacted each month. On the platform, the average order value is $862.
