Goxip Raises $1.62M in Seed Funding to Elevate Fashion Discovery in Southeast Asia
Hong Kong. May, 19th 2016. Goxip, the mobile-first shopping and discovery app, has announced that it has raised $US 1.62 million in one of the largest seed rounds in Southeast Asia. The round is led by Chryseis Tan, daughter of Vincent Tan, the founder of Malaysian conglomerate Berjaya Group, which controls a variety of businesses in Malaysia including Starbucks, 7/11, Borders Book Store and Times Square. The other major investor is Ardent Capital, which has a track-record of investing in successful ecommerce companies such as aCommerce, Orami, Bizzy, and Snapcart.
How it Works: Fashion Discovery with a Buy Button
Goxip consists of two main parts: 1) Shopping and discovery and 2) "Fashion fulfillment". Fashion discovery is enabled through celebrity style feeds and user generated content called “snaps” uploaded to the app’s image recognition technology that scans and recommends similar products from over 2 million items that can be purchased worldwide. Fulfillment is carried out through Goxip’s affiliate partners’ third-party websites, which in total offers over 15,000 designer brands including NET-A-PORTER, Topshop, Nordstrom, Shopbop etc.
What the Funding Will Be Used For
Goxip will use the funding to continually enhance the core product proposition - a shoppable Instagram app, release the iOS version and hire talent aggressively. The team is optimizing the existing ecommerce Goxip website and android app while preparing for implementation of a marketplace to their growing platform. Malaysia and Hong Kong are early frontrunners for market entry in Q2 and Q3 of 2016 where Goxip plans to acquire over 1 million users by the end of the year.
Goxip’s Advantage: Fashion Discovery 2.0, Leveraging C2C & the Demographic Goldmine
Browsing behavior or ‘fashion discovery’ is currently limited by low product and brand selection like Zalora or through sites like iprice.my, an ecommerce aggregator that operates off an affiliate model.
“Both models are still very “search-centric”, which works fine for commodities like electronics but are not ideal for fashion,” says Juliette Gimenez, co-founder and CEO of Goxip. “If I’m scrolling through Instagram and want to purchase a shirt on an obscure Thai celebrity, I would have no clue how to find it. The journey from fashion inspiration to check-out is incredibly common but no one has offered a viable solution.”
The Goxip marketplace will be open to well-known ecommerce shops and Instagram boutiques to cultivate Southeast Asia’s insufficient C2C space. The platform disrupts traditional shopping by enabling both merchants and users to mix and match from a large variety of brands, share tips with a global community of stylists and personalize the entire shopping experience.
“The fashion ecommerce space has yet to be disrupted. We want to give C2C merchants another mobile channel to distribute their products because currently most transactions are done on media platforms such as Line, Facebook and Instagram which inherently struggle with a broken fashion discovery process built on search. The double-digit growth of Internet and online shopper penetration proves the market is ready for a new and improved fashion experience.” said Goxip Co-Founder and CEO Juliette Gimenez. “There are always new street stalls selling clothes online and offline. The beauty of Southeast Asia is everyone can become an entrepreneur and Goxip wants to be a part of growing the community.”
“Southeast Asia exhibits one of the highest social media penetration rates and consumers who are statistically shown to be more heavily influenced by celebrity-driven pop cultures than Western markets. It’s a demographic ready for an app like Goxip.” said Chryseis Tan, a scion of Malaysia’s Berjaya Group’s billion dollar Tan family and a prominent consumer tech angel investor.
Goxip is a mobile-first app that allows users to search, discover & shop fashion through celebrity style feeds. The purchase of Taylor Swift’s dress or one similar to it is right at your fingertips. Fashionistas can also share personal outfits on their own Goxip feed with the community and follow over 15,000 brands to shop a tailored product selection. The “snap and shop” functionality will allow purchase of a product captured with your phone or offer a selection of similar products from local and international retailers.
Download Goxip for Android
About the Founders
Goxip was founded by current CEO, Juliette Gimenez and Chief Product Officer YC Lau. Juliette was previously the founding member & Chief Revenue Officer of CNOVA and Vice President of uBuyiBuy and Groupon HK. YC is an investor and adviser at HK Golden, the top social forum in Hong Kong, and the founder of Feva Works IT Education Center.
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