Goxip raises US$5 million in funding round

Fashion platform Goxip has raised US$5 million in a series-A funding round with Nan Fung Group’s new The Mills Fabrica Fund contributing $1 million.

Goxip plans to use the funds to grow its team in Hong Kong as well as continue its expansion into Southeast Asia, particularly Thailand.

It seeks to achieve more than HK$1 billion (US$127.9 million) in sales this year. Its social commerce platform allows users to search for products similar to images from smartphone cameras or from online, and to buy the products instantly. The platform’s database features more than 36,000 luxury brands and 5 million items.

Fabrica Fund says its Goxip move is its first completed investment since launching last month. “We believe Goxip has strong potential to expand globally and change the retail model in fashion and beauty,” says fund founder Vanessa Cheung.

Already the fund has received more than 30 inquiries and is evaluating other potential deals.

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