The funding round was anchored by Singapore’s Insignia Ventures Partners. The investment marks Insignia’s first investment in a Thai-based and focused company.
Konvy was launched in 2012 by Chinese entrepreneur QingGui Huang, who had previously managed fashion e-commerce platforms in China. Konvy has since been at the forefront of leading Thailand’s e-commerce revolution especially in the beauty segment.
The 10-year-old company raised institutional venture funding as it seeks to accelerate the expansion of its omnichannel and international distribution for healthy & beauty brands and ramp up hiring for its team. Previously, Konvy had raised seed funding from Alpha Founders Capital and ECG Ventures Capital.
In Thailand, Konvy has played a key role in unlocking greater value for both local and international beauty brands to tap into two key consumer behaviors that have continuously developed over the past decade.
First, health & beauty has long been a priority spend for the Thai consumer and second, Thai consumers have not just been making increasing purchase through e-commerce but also via different social media platforms as the country’s young population spending an average of 2 hours and 55 minutes on social media per day.
Currently, Konvy works with 1,000+ brands representing SKU selection of more than 20,000 on its platform. Konvy’s brand portfolio includes globally recognized brands like L’Oréal, Shiseido, Sulwhasoo, Eucerin, La Roche-Posay, and many more.
“From day one, we built Konvy to serve as an alternative and better platform for beauty brands to meet Thai consumers’ needs, and we have been fortunate to bootstrap to grow this business to become a market leader. But as we look to accelerate our growth, we see the value of collaborating with partners like Insignia Ventures,” said Huang.