Singapore beauty e-tailer, Luxola, just raised its Series A round from GREE Ventures.
The amount was undisclosed, but has been rumored to be in the region of $2 million.
The company carries about 60 brands of cosmetics and beauty products on its website, and ships to countries in Southeast Asia like Singapore and Malaysia. Its site was launched in September 2012, and it had previously raised a seed round of about $596,820 (S$740,000) from Wavemaker Labs and Singapore government fund, the National Research Foundation. Its initial angel round was about $423,460 ($525,000), according to CEO and founder, Alexis Horowitz-Burdick.
Besides its latest funding round, the company has also managed to pull over former PopSugar Director of Affiliates and Social, Christine Ng. Prior to that, she was product manager at Sephora, where she led the beauty store’s social media and interactive product efforts. She joins Luxola as its chief marketing officer.
“We’re grateful for Christine. The sort of experience she has doesn’t exist in Southeast Asia yet because the community isn’t that old. She doesn’t just have online experience, but also directly with the beauty industry,” said Horowitz-Burdick.
Before founding Luxola, she came to Singapore from Washington, DC about six years ago. She had started a group buying site called The Sweet Spot. “I wasn’t interested in the race to the bottom anymore,” she said, of the decision to sell higher-tier products.
The average basket price for Luxola is about US$44 (S$55), she said.
Luxola employs a staff of ten. Those are split into two on the engineering side, three handling
creative and design tasks, and two marketing people.
The new funding will allow Luxola to continue its expansion into the region and set up warehouses there, to complete fulfillment more easily. Currently, it has a warehouse space in Singapore and ships out of it.