Taiwan and Hong Kong luxury marketplace PopChill raised US$1.3 million in pre-series A funding. This brings the round’s total to US$3.1 million and the company’s total to US$6.2 million.
The Taiwan National Development Fund and Top Taiwan Venture Capital just joined the round. It has investors at Acorn Pacific, 500 Global, ITIC, AVA Angels Fund, and Darwin Ventures.
Read also – Jordan-Based Fintech Liwwa Secures a $5 Million Loan
The financing will help it break even in Taiwan and expand in Hong Kong by year’s end. It plans to enter Singapore this year. To expand its personnel, the organisation will hire 18–20 individuals. The premium resale market has grown in four years, and PopChill wants to capitalise. According to Bain & Company, secondhand luxury items sold globally in 2023 for US$49.3 billion.
PopChill reported 40% monthly growth in Hong Kong in 2023, increasing total transactions by 10%. Taiwan’s GMV was US$18.5 million, with monthly transactions over US$1.5 million.
Read also – UAE-Based ADNOC Acquires Stake in NextDecade’s Rio Grande LNG Project
The company offers 100,000 items on its site thanks to collaborations with three of Japan’s top 10 luxury resellers and many Taiwanese and Hong Kong suppliers. Luxury brands like Chanel, Louis Vuitton, and Hermes account for 60% of it’s income.
PopChill aims to sell watches and jewellery in six to 12 months, however handbags make up 80% of sales.
About PopChill
PopChill is an “atypical” entrepreneurial team that is being organized and is about to start operations. They will build a brand new “Fashion Online Shopping Social Platform” (Social+Commerce) from scratch in the next 4 to 5 months. The platform is a C2C marketplace model.
