The startup ships fashion apparel directly to 67 markets, and operates 15 pop-up showrooms in Hong Kong, Singapore, the US and Australia

Grana, a direct-to-consumer fashion e-commerce startup headquartered in Hong Kong, announced today that it has raised an undisclosed amount in venture debt from city-based STI Financial Group.

This brings Grana’s total funding raised so far to US$16 million. The startup in October last year raised US$10 million in Series A funding led by Hong Kong Alibaba Entrepreneurs Fund, with participation from Golden Gate Ventures and Hong Kong-based MindWorks Ventures. Earlier in that year, it received US$3.5 million seed funding led by Golden Gate Ventures. Silicon Valley-based VC 500 Startups is also an investor in the startup.

Grana will use the fresh investments to grow business, improve cash flow management, and advance its use of Artificial Intelligence to improve customer engagement and website functionality.

“Right now, it’s about fuelling long-term business growth, expanding our market penetration in key markets and continue making high-quality basics at disruptive prices for our customers,” said Luke Grana, CEO and Founder at Grana.

Grana was founded in October 2014 by Luke Grana and Pieter Paul Wittgen. The startup ships fashion apparel directly to 67 markets across Australia, the US, Singapore, Hong Kong, Belgium, France, Germany, Italy, the Netherlands, New Zealand, Spain and the UK.

Also Read: Indonesian e-commerce startup Bukalapak raises funding, claims to be a unicorn

According to the company, it has been able to leverage customer data and analytics to optimise product design, e-commerce website efficiency, operations and digital marketing. The firm operates 15 pop-up showrooms in Hong Kong, Singapore, the US and Australia.

STI Financial Group is an investment group that provides bespoke capital solutions spanning across the entire capital structure tailored to various business objectives and specific requirements. It focuses primarily on the fragmented middle market companies in Asia.

“Venture debt is complimentary to multiple stages of financing and will gain momentum in Asia as an alternative capital solution in the coming years. Nonetheless, venture debt capital providers will remain highly selective in their credit underwriting process as companies suitable for such solutions are usually relatively asset light,” said Cyrus Wen, Partner at STI Financial Group.

 

 

The post Hong Kong-based fashion e-commerce startup Grana raises funding via venture debt from STI Financial Group appeared first on e27.