Singapore-based Luxola secures $10M in round led by Transcosmos Inc
Luxola Pte Ltd, a Singapore-based online beauty products provider, secured $10 million in its latest funding round, a statement about the funding said.
The round was led by Transcosmos Inc. Current backer GREE Ventures also participated in the round for the e-commerce firm that works with more than 105 brands to provide Southeast Asian customers with the biggest selection of beauty products. Proceeds from the latest round will be used to grow the company's product base, improve regional warehouse and operational capacity and add to its platform and mobile technologies to give better service to their customers, the statement said.
Luxola Founder and Chief Executive Officer Alexis Horowitz-Burdick said in the statement, "Luxola will deploy this capital to continue its pursuit of becoming the premier destination for all things beauty in Southeast Asia through its e-commerce platform Luxola.com and its content platform Lxedit.com. We look forward to being able to offer customers even more, from the best products and service to inspiring and educational content."
Aside from GREE Ventures, Luxola's backers in its previous funding round included private investors, Wavemaker Labs Pte Ltd and the National Research Foundation of Singapore. New investor Transcosmos is a Tokyo, Japan-based firm that provides corporate clients with high value added and superior services using their excellent human resources and advanced technological capacities, the statement said.
Transcosmos President and Chief Operating Officer Masataka Okuda said in the statement, "We believe that there is no other example within ASEAN comparable to Luxola as a reliable cross-border E-Commerce company dealing with cosmetics, and we also think that its business will continue to expand even further in the future keeping pace with the growth of the cosmetics market in ASEAN. Our company offers 'global E-Commerce one-stop services' in 31 countries around the world with a central focus on Japan, Europe, America, China and Korea. Through this new capital and business alliance with Luxola, we want to accelerate E-Commerce one-stop services in the ASEAN market and continue to support the E-Commerce development of our corporate clients in the ASEAN market.