Konvy Co-Founders Leon Huang (L) and QingGui Huang (R) with Managing Partner Pornsuda Vangvidhayakul
Konvy, a beauty e-commerce company based in Thailand, has secured US$10 million in a Series A round of funding from Insignia Ventures Partners.
The company will use the capital to expand its omnichannel and international distribution for health and beauty brands and for hiring.
“With this round of funding, we are aiming to scale up our distribution capabilities to help more local and global brands and solidify our position as the platform of choice for beauty brands in Thailand and Southeast Asia,” said Konvy CEO and Co-Founder QingGui Huang.
Launched in 2012, Konvy carries more than 1,000 global and local beauty brands, ranging from skincare and makeup to perfumes. The products are offered through various channels, including its in-house e-commerce retail platform, marketplaces, and over 800 physical retail stores.
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Konvy’s brand portfolio includes globally recognised brands like L’Oréal, Shiseido, Sulwhasoo, Eucerin, and La Roche-Posay.
Health & beauty is a fast-growing sector in Thailand. Thai consumers purchase products through e-commerce and social media platforms. Within the beauty segment, skincare products have the highest revenue share of 42 per cent.
In 2021, Thai beauty, health, personal and household care was estimated to be US$4 billion and is expected to grow to US$6.4 billion by 2025.
“Over the past few years in Southeast Asia, we have seen the rise of the omnichannel commerce platform, widening the connectivity of brands to end consumers. In Thailand, Konvy has already been leading the health and beauty market with an increasingly multi-channel approach, leveraging both the country’s affinity for beauty products and purchasing behaviour through various online platforms,” said Yinglan Tan, Founding Managing Partner at Insignia Ventures Partners.
Konvy previously raised seed funding from Alpha Founders Capital and ECG Ventures Capital.
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