A Vietnam-based e-commerce platform has successfully raised US$7 million in series B funding to invest in regional expansion and onboarding new brands, the startup announced on Monday.
Leflair, an online platform that sources branded goods from brands and official distributors to Vietnamese customers, particularly claimed $3 million from South Korean TV home shopping company GS Shop and $4 million from Cambodia-based Belt Road Capital Management last week, according to Deal Street Asia.
The latest round has come about a year after Leflair raised $3 million in series A funding in January 2018, bringing its total financing close to $12 million.
This fundraising also marks GS Shop’s first direct investment in Vietnam’s startup scene.
Loic Gautier, co-founder and CEO at Leflair, said that the platform will use this latest injection to increase the flow of merchandise from South Korea, accelerating multidimensional cooperation with GS Shop.
“We believe cross-border is the future of e-commerce in Southeast Asia and with this additional funding our customers will soon be able to purchase even more brands from international hubs, in particular South Korea and Japan, while enjoying the same delivery experience as domestic deliveries,” Gautier said.
Founded in December 2015, Leflair follows the flash-sales model that has proven successful in Europe with Vente-privee.com from France being an instance.
The startup offers a wide range of worldwide branded merchandise, from fashion and beauty to home, such as Calvin Klein, Botanist and Moleskin, to Vietnamese consumers at attractive prices.
Leflair claims that it has grown 100 percent year-on-year since its foundation.
It has so far closed a total of three rounds of investment from world-class angel investors and venture capital firms from the U.S., France, Italy, Singapore, Hong Kong and now from South Korea and Cambodia.