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It plans to use the fresh capital to grow its teams, increase product range, build more fitting rooms and expand into new markets
Grana, a Hong Kong-based fashion e-commerce platform, announced yesterday a US$3.5 million dollar seed funding led by Singapore’s Golden Gate Ventures.
Other investors include VC firms MindWorks Ventures and Bluebell Group, both of Hong Kong.
The new round brings the total amount raised by Grana to US$6 million and the company says it has a Series A round pending.
Having recently launched in the US, this new capital will be used to strengthen its presence there and China, and expand into new markets. It will also accelerate hiring in the US.
In addition, the funds will also be used to grow its product range to include leather goods, undergarments and activewear, as well as add “fitting rooms” in the US.
These “fitting rooms” are designed as showrooms as opposed to retail stores. Grana’s customer representatives (also known as Cheetahs) will then interact its customers in this space.
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Launched in 2014, Grana offers a range of luxury clothing fabrics from all over the world including Chinese Silk, Mongolian Cashmere, Irish Linen, and Japanese Denim. It first designs its merchandise in-house then sends it directly to the fabric mills to be produced.
Since October 2014, its month-over-month sales have increased by 40 per cent.
“We’re pleased to receive financial backing from Golden Gate Ventures and MindWorks Ventures. The support is critical to our US expansion, a priority market that already represents 20 per cent of our global sales,” said Luke Grana, CEO and Co-founder of Grana, in a press release. “This new investment allows us to further disrupt the online clothing market and provide consumers with luxury-quality wardrobe essentials without the luxury price point.”
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