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Singapore's iFashion raises $730,000
23
Mar '16
Courtesy: ifashion Group
Courtesy: ifashion Group
Singapore-based iFashion Group, a venture platform company, has raised $730,000 in its initial round of funding from seed fund and startup accelerator Rimu Group.

Backed by corporate venture builder, Fatfish Internet Group, iFashion intends to position itself as a corporate venture platform with an aggressive acquisition strategy for Southeast Asian fashion startups, according to media reports.

As more Asian shoppers go online for their fashion purchases, iFashion Group is looking to achieve rapid growth through collaboration, co-existence and synergistic resource-sharing in the online fashion and lifestyle industry, it said in a statement.

“However, this industry is highly fragmented and many brands operate small teams with limited resources. iFashion Group aims to become the region's fashion hub for this thriving community, delivering a range of B2B and mentorship services from logistics, warehousing, production, financial services to sales fulfillment,” it said.

The startups on iFashion's venture platform can tap onto the synergistic resource-sharing, as well as the marketing know-how and resources to grow their brands.

Modeling itself after digital media network Yello Mobile's aggressive acquisition philosophy, iFashion wants to work with companies that are between three and five years old, have proven market traction, and are trying to grow. iFashion says it can provide a range of services to online entrepreneurs, including mentorship, marketing, logistics, warehousing, sales, fulfillment, and financial services.

“As e-commerce volume and traffic increases, these brands will enjoy the various business services and market knowledge provided by iFashion to effectively manage their growth,” Jeneen Goh, iFashion Group Managing Director, said.

iFashion Group is the first in Singapore to create such a B2B venture platform for the online fashion industry. (SH)

Fibre2Fashion News Desk – India

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