Singapore-based Zilingo, a startup providing technology to apparel factories and merchants, is said to be seeking to raise $150 million to $200 million in its latest funding round,Bloomberg reported on Thursday.

The company, which is backed by Singapore state investor Temasek, is working with Goldman Sachs Group Inc. on the potential fundraising deal that could boost its valuation to more than $1 billion, the report said, quoting people with knowledge of the matter.

Zilingo has reached out to some investors to gauge interest, the people added. Deliberations are ongoing and details such as the fundraising size could change, they said. Representatives for Goldman Sachs declined to comment, according to the report. Zilingo declined to respond to TechNode Global‘s query.

Founded in 2015, Zilingo is a B2B technology platform that powers the global apparel supply chain with innovative solutions for production, sourcing, and trade. Over the years, it has evolved into an end-to-end enabler that gives raw material suppliers, fabric mills, manufacturers, wholesalers, distributors, brands and retailers access to commerce, software and services that optimize processes at scale, create cost efficiencies and support sustainable growth. Its sales volume exceeds $1 billion annually, according to its website.

The company was valued at $970 million in early 2019 when it raised $226 million from investors including VC firm Sequoia Capital India and Temasek, according to earlier reports.

Zilingo will be joining a number of companies in Southeast Asia raising funds. Temasek-backed Singapore online shopping rewards app ShopBack is said to be in talks with potential investors to raise $150 million, Bloomberg reported on Wednesday. Philippine FinTech firm Voyager Innovations Inc is also considering raising $150 million to $200 million, the newswire reported earlier this week.

Feature photo credit: Zilingo

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