The funding round was also led by eBay, Saban Capital Group, UVM 2 Venture Investments LP, Brookside Capital and Oak Investment Partners. Qoo10 operates six online ecommerce marketplaces across Asia (Singapore, Japan, Indonesia, Malaysia, Hong Kong and China). Qoo10 has 17.6 million registered users across the region and saw a combined total of USD 408 million in GMV in 2014. Of the six markets in which the company operates, Qoo10 Singapore is the best performer with 1.8 million registered users as of June 2015 and USD 182 million in GMV in 2014.
Through this Series A investment, Giosis will deploy the new funds to accelerate Qoo10’s technology growth and service development, while investing in additional infrastructure and talent acquisition. The new funds will also help Qoo10 strengthen its position as an online platform in its key markets Singapore, Japan and Indonesia, and accelerate its expansion in its other rapidly growing Asian markets Malaysia, Hong Kong and China.
As the lead investor in this Series A round, SPH will also partner with Qoo10 to explore strategic collaborations on the ecommerce platform across various content, marketplaces, retail, advertising and classifieds opportunities. A joint venture between Gmarket Inc. founder Mr Ku Young Bae and eBay, Qoo10 was founded in 2010 with USD 20 million seed capital, after Gmarket was acquired by eBay in 2009 for USD 1.2 billion.
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