Luxola Becomes the First Southeast Asia Startup to be Funded by Global Brain.
Global Brain Corporation, The Japanese-based ventured capital firm has taken its very first steps towards into Southeast Asia by investing into the Singapore-based cosmetics marketplaces known as Luxola, with a total of US$1 million.
This recently investment of funds was made alongside Singapore-based private equity group F&H Fund Management, which has dumped a total of S$2 million (US$1.6 million) into the startup. Other Participants also included the Indian-based Tholons Capita, and US-based Queensbridge Ventures.
This announcement arrives just after only two months when Luxola previously reported to have gained a total of US$10 million form Japan-based transcomos and existing investor GREE Ventures. A bit on the quick draw when it comes to getting their hands on some funding cash.
Sources that are close to thins matter on Luxola’s finacances, has stated that the business has been doing quite poorly. They further elaborated by stating that Luxola was aiming to reach for a US$19 million in revenue during 2015, but generated lesser US$1 million in revenue during the last two financial years ago.Although, GREE Ventures Asia own Principal, Kuan Hsu, and current investor and board member within the company, had stated these claims were all negative. He said, “They are way past US$1 million annual revenue.
He further elaborated that Luxola has been ticking of their checkboxes, such as revenue and page visit milestones.“Under Alexis’ leadership, Luxola has grown its KPIs multiple folds and is progressing ahead of schedule in its path to dominate the cosmetics e-commerce market in Southeast Asia,” said Hsu.
The latest investment was made through the usage of GB’s GB-V Growth Fund Investment Limited Partnership. Announced during the past November, the funds had totaled up to be around 15 billion Yen (US$147 million) which went towards ventures based in Japan and abroad. “(We) will invest in both B2C and B2B,” noted Nobutake Suzuki, Partner, Global Brain.
He added, “Regarding the foreign ventures, we prefer to invest in ventures that have partnerships with Japanese companies since we manage Japanese government money, and need to provide value propositions to Japanese economy.”
The three-year-old startup plans to use these funds to move on forwards with global expansion plans, in order to boost hiring efforts within Southeast Asia, and invest into technology.
GB has also begun to provide Luxola, which has a growing presence withing Singapore, Thailand, Indonesia, Hong Kong, Malaysia, Australia, Brunei, UAE, and the Philippines with support for any future business expansion plans.
At the moment, Luxola contains over more then 100 brands on its platform, these include Anna sui, Browhaus, Maybelline. Furthermore, it runs LX Edit, a content arm for consumers who are searching for articles and videos.
Currently, Luxola has more than 100 brands on its platform, including Anna Sui, Browhaus, Maybelline. In addition, it runs LX Edit, a content arm for consumers looking for articles and videos.
“This is our first investment in Singapore,” said Yasuhiko Yurimoto, Founder, President and CEO, GB.