PopChill, a luxury fashion marketplace based in Taiwan, has successfully raised an investment of US$1.9 million.
Leading investors for this round include ITIC, AVA Angels Fund, 500 Global, Acorn Pacific Ventures, and Darwin Venture, pushing PopChill’s total funding to US$5.2 million.
Operating uniquely from typical e-commerce platforms, PopChill uses an authentication model where sold items are authenticated and inspected for quality before reaching buyers.
This system, particularly useful for second-hand luxury goods, has addressed major concerns related to online transactions. Collaborating with AI firm Entrupy, PopChill boasts a 99.1% accuracy rate in its product authentication using machine learning.
In just a year, PopChill’s monthly transaction volume in Taiwan exceeded US$1 million, with an average order value of US$800. PopChill has seen consistent growth in Taiwan, with a 10% increase monthly.
The marketplace’s success has motivated its expansion into Hong Kong, capitalizing on the high luxury goods demand and the benefits of zero tariffs.
With secured funds for expansion over the next 18 months, PopChill also eyes the Singaporean and Malaysian markets by 2024. Andy Kuo, PopChill’s co-founder, shared ambitious plans to emulate the Taiwanese growth model in Hong Kong and potentially in further overseas markets.
BusinessNewsAsia