INSUBCONTINENT EXCLUSIVE:
Social e-commerce startup Goxip raised $5 million in January, and now the Hong Kong-based business has brought in more cash with a strategic
$1.4 million investment from financial services company Convoy
Existing backers including Chinese photo app company Meitu also took part.
Convoy offers a range of services that include asset management,
insurance and other investment options
Hong Kong largest financial advisory with over 100,000 customers, Convoy isn&t in great shape now
It has been in crisis over legal action and a corruption investigation that is centered around a former company director.
The company shares
remain suspended on the Hong Kong Stock Exchange although it recently made appointments aimed at modernizing its business and this deal is
likely another part of that strategy
Convoy portfolio of strategic investments includes Nutmeg in the UKand Ireland Currencyfair, which bought up Convoy payments arm.
Goxip
said it will use the capital and the new relationship with Convoy to offer more installment-based financing options on its service, which is
akin to a ‘shoppable Instagram& that has a focus on high-end fashion.
The company already counts major retailers likeNet-a-Porter,
Harrods, and ASOS and brands that includelike Nike, Alexander McQueen and Topshop
To date, Goxip has helped customers find outfits and buy them but now, with Convoy, it wants to offer payment plans using a virtual credit
card, Goxip co-founder and CEO Juliette Gimenez told TechCrunch.
With 600,000 monthly users and average orders of $300, Goxip is getting
close to breaking even,Gimenez said, but she is hopeful that offering staggered payment options over varying periods such as 6-12 monthswill
serve Goxip well as it expands in Southeast Asia where typical consumers spend less
That&ll happen soon after the company opened an office in Bangkok ahead of an imminent launch in Thailand, its second expansion after
Malaysia.
Goxip has just opened an office in Bangkok ahead of an upcoming launch in Thailand
Beyond geographical additions,Goxip has also
branched out into influencer marking this year with recently launchedRewardSnap service
Similar to Rewardstyle in the U.S, it will enableinternet influencers — and particularly those on Instagram — to partner with brands and
make money through referrals to their audience.Gimenez said that 150 influencers with a total following of over 14 million have signed up,
including Elly Lam who has 140,000 followers on Instagram
Instagram is beefing up its commerce focus — with the addition of a shopping tab
and new management at the wheel — butGimenez said she isn&t phased
She points to the fact that Facebook, which owns Instagram, hasn&t been able to make e-commerce work in Asia, while the simplicity of
Rewardsnap and its connection to the Goxip service, makes it highly defensible even asInstagram ups its shopping game.
Goxip is a
‘shoppable Instagram& for fashion followers in Asia
Update: The original version of this article has been updated to reflect that
RewardSnap has already launched, and that Elly Lam has 140,000 followers.
