Singapore-based investment firm Turn Capital Opportunities Fund 1 has completed the 100 per cent acquisition of FRND, a leading influencer-driven fashion e-commerce platform in Taiwan. This marks another milestone in Turn Capital’s operator-led buy-and-build strategy across Asia’s consumer technology landscape.
The acquisition underscores Turn Capital’s ambition to identify and scale high-quality yet undervalued consumer-facing businesses by applying hands-on operational expertise rather than purely financial engineering.
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Founded in 2019, FRND has emerged as a category leader in Taiwan by partnering with prominent local influencers to co-create original fashion brands. Its model allows creators to build long-term intellectual property and deepen audience loyalty, while the platform benefits from high engagement, efficient customer acquisition, and strong repeat purchase behaviour.
“FRND has tapped into one of the most important segments of women’s fashion today — easy-to-wear, everyday essentials that are casual, reliable, and well-designed,” said Ho Kheng Lian, General Partner at Turn Capital.
“As someone with a deep appreciation for fashion, I have been consistently impressed by FRND’s influencer-led brands and their ability to deliver quality, modern basics that women can depend on to build their wardrobes. Their aesthetic is clean, comfortable, and versatile — pieces that empower women to feel confident in their daily lives,” Kheng Lian added.
Today, FRND operates seven influencer-led brands with a combined social reach of over 1.2 million followers. For its founder, the deal represents an opportunity to scale beyond its home market with a partner experienced in operating and integrating consumer technology businesses.
“Turn Capital has an exceptional track record in operating and scaling technology companies across Taiwan and Asia,” said Yao Ko Jen, founder of FRND.
“Their team brings a rare combination of operational discipline, digital expertise, deep understanding of influencer commerce, and genuine respect for the brands and people they work with. Turn Capital doesn’t just invest — they build, support, and elevate businesses,” added Ko Jen.
The acquisition adds to Turn Capital’s growing portfolio, which has pursued multiple buyouts and integrations since its inception. Past acquisitions include Zuvio, Taiwan’s leading college learning app; Goodnight, which later merged with SoundOn to form Taiwan’s largest audio media group; Dapp Pocket, which merged with Cappu to form digital asset manager Coinomo; and SoundOn itself. Collectively, Turn Capital’s portfolio companies serve more than 10 million users.
According to Joseph Phua, Managing Partner at Turn Capital, FRND aligns perfectly with the firm’s investment thesis. “FRND sits at the intersection of digital commerce, the creator economy, and community-led brands — areas where Turn Capital brings deep operational experience and a strong track record.”
“We see significant opportunities to scale FRND into one of Asia’s leading fashion powerhouses. It reflects exactly the type of business we seek to acquire and grow: strong fundamentals, robust profitability, under-optimised potential, high repeat purchase behaviour, and a scalable brand architecture,” he stated.
A scalable, operator-led playbook
Turn Capital’s approach aligns with a broader trend among buyout-focused investment firms globally, where operational improvements, technology adoption, and strategic integration drive value creation. Western firms, such as Thoma Bravo, Vista Equity Partners, Carlyle Group, and KKR, have long employed similar buy-and-build strategies, particularly in software and technology-driven sectors.
What differentiates Turn Capital is its regional focus and operator-led execution. Rather than minority investments, the firm has increasingly shifted towards complete acquisitions, allowing it to implement growth initiatives, automation, data analytics, and cross-portfolio synergies more effectively.
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Founded in 2024, Turn Capital Opportunities Fund 1 targets majority stakes in early growth-stage consumer technology companies across Asia, particularly those undergoing founder transitions or operational turnarounds. The fund applies a hands-on approach to restore profitability, unlock strategic value, and deliver exits within its five-year fund life.
With nearly 50 years of combined operational experience among its partners — Joseph Phua, Ho Kheng Lian, and Shang Koo — including building the 17LIVE Group, which listed on the Singapore Exchange, Turn Capital positions itself as both an investor and operator.
As consumer behaviour across Asia continues to shift towards social commerce, creator-led brands, and digital-first engagement, Turn Capital’s acquisition of FRND signals confidence in influencer-driven models.
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