SEA e-commerce fashion site, FashionValet raises Series C round from Khazanah
By Digital News Asia March 29, 2018
- Amount undisclosed with Malaysian strategic fund being sole investor
- Aims to deepen presence in Malaysia, regional markets and open physical stores
FASHIONVALET, one of Southeast Asia’s leading fashion e-commerce platforms, announced today the successful closing of a Series C investment from Khazanah Nasional Bhd (Khazanah), the strategic investment fund of the Government of Malaysia.
Now in its 8th year of operations, FashionValet, with over 150 staff, plans to use proceeds from the fundraise to deepen its presence in the Malaysian market, expand to other markets and build-out its infrastructure via enhanced use of technology and add more physical stores. It currently has two stores in Kuala Lumpur and plans on opening two more.
Founded in 2010 by Imperial College Aeronautical Engineering graduate, Fadzarudin Shah Anuar (Fadza) and London School of Economics Law graduate, Vivy Sofinas Yusof (Vivy) and supported by a solid team, FashionValet is today home to over 300 Asian fashion brands available on its website selling fashion apparel, shoes, and accessories.
FashionValet has gone from strength-to-strength in the dynamic e-commerce landscape, and says revenues have more than tripled in the past two years. FashionValet’s customer base extends beyond Malaysia, serving customers in more than 15 countries including Singapore, Brunei, the UK, the US, the Middle East and Australia.
“I am so excited to do more for the Malaysian fashion industry; it’s something I am very passionate about. FashionValet is always on the lookout to help grow more local brands to compete in the international arena, and I am confident our Malaysian brands have the potential to do just that,” said Vivy, the chief creative officer. “The investment by Khazanah will help us to pursue this reality.”
Echoing this, Fadza, the chief executive officer says, “We’d like to thank Khazanah for this strong vote of confidence, not just in FashionValet, but also in the rising potential of Malaysian entrepreneurs in general. Khazanah’s investment will help us execute our strategic plans to expand the business, taking FashionValet to greater heights.”
Aside from Khazanah, other investors in FashionValet include MyEG, a public listed Internet in Malaysia. FashionValet overcame 40 competitors in a 2012 reality TV “Make The Pitch” knock-out competition to win the MyEG investment of US$259,000 (RM1 million). Over the years, it subsequently secured a series of investments from Elixir Capital based in Silicon Valley and Zozotown, Japan’s leading online fashion mall.