Singapore-based luxury goods online retailer Reebonz has just landed a S$50 million (US$40 million) round of investment led by MediaCorp, the largest media broadcaster in Singapore. The latest investment values Reebonz at over S$250 million (nearly US$200 million).
The site, which offers high-end designer brands at discounted prices through flash-sale events, was founded by Samuel Lim, Daniel Lim and Benjamin Han in 2009. It has a current member base of 2 million, and has established a physical presence with boutiques in Singapore, Malaysia, Thailand and Australia.
“We see great alignment between what Reebonz does and what MediaCorp has – audiences, content targeted at the luxury market and our star power. We are confident that by collaborating closely with Reebonz, we’ll see even more breakthroughs from the retailer,” MediaCorp CEO Shaun Seow said in a statement released on Monday.
The other investors participating in the round include Vertex Asia Investments, GGV Capital, Intel Capital, and Matrix Partners China and Infocomm Investments, the venture arm of the Infocomm Development Authority, Singapore.
This isn’t the first time Intel has invested in Reebonz. Last year, the computer giant’s global investment arm put a combined $17 million into two Internet companies in Southeast Asia, one of which was Reebonz.
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Reebonz’s total invested capital base now stands at S$100 million (US$79 million) after the latest investment round, the company confirmed.
CEO Samuel Lim said he was “confident that the MediaCorp brand association will further solidify Reebonz’s position in the online luxury goods space and build a world class billion-dollar Internet commerce group out from Singapore.”
Another Singaporean media conglomerate, Singapore Press Holdings, has also recently been making inroads into the local technology start-up scene. In March, it invested in restaurant booking site Chope, followed by a deal in April to buy SG Car Mart.
Headline image via Thinkstock
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