Thailand-based beauty e-commerce platform Konvy said Tuesday it has raised $10 million from Insignia Ventures Partners in a Series A round.

Previously, Konvy had raised seed funding from Alpha Founders Capital and ECG Ventures Capital.

The 10 year old company said in a statement that it raised institutional venture funding as it seeks to accelerate the expansion of its omnichannel and international distribution for healthy and beauty brands and ramp up hiring for its team. is Thailand’s No.1 beauty e-commerce platform. The website was launched in 2012 and currently carries over 1,000 global and local beauty brands from skincare to makeup, perfumes, among many other categories.

The products are offered through various channels including Konvy’s in-house e-commerce retail platform, e-commerce marketplaces, and 800+ offline retail stores.

In Thailand, Konvy has played a key role in unlocking greater value for both local and international beauty brands to tap into two key consumer behaviors that have continuously developed over the past decade.

First, health and beauty has long been a priority spend for the Thai consumer and second, Thai consumers have not just been making increasing purchase through ecommerce but also via different social media platforms as the country’s young population spending an average of 2 hours and 55 minutes on social media per day.

In 2021, Thai beauty, health, personal and household care is estimated to be $4 billion ($19.6 billion whole ecommerce) in 2021 and expected to grow to $6.4 billion ($33.6 billion in 2025) by 2025, and within the beauty segment, skincare products have the highest revenue share of 42 percent.

“From day one, we built Konvy to serve as an alternative and better platform for beauty brands to meet Thai consumers’ needs, and we have been fortunate to bootstrap to grow this business to become a market leader,

“But as we look to accelerate our growth, we see the value of collaborating with partners like Insignia Ventures. 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 Chief Executive Officer and Co-Founder QingGui Huang.

Insignia Ventures similarly sees this opportunity for further growth through its investment in Konvy. This marks not only the firm’s first investment in a Thai-based and focused company but also to gain exposure to Southeast Asia’s rapidly growing health & beauty commerce segment.

“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, we saw that 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 behavior through various online platforms,

“We were impressed by QingGui and his team’s ability to grow Konvy towards market leadership with capital efficiency and are excited to be partnered with them as they accelerate their growth. While there may be stronger competition from horizontal marketplaces in the future, we believe Konvy is best positioned to be the market leader in the online beauty segment given its long-standing brand equity, brand-centric and community-led approach,” said Yinglan Tan, Founding Managing Partner at Insignia Ventures Partners.

Currently, Konvy works with 1,000+ brands representing SKU selection of more than 20,000 on its platform. Konvy’s brand portfolio includes globally recognized brands like L’Oréal, Shiseido, Sulwhasoo, Eucerin, La Roche-Posay and many more.

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