Iconic secures fresh funding
E-commerce start up, The Iconic, has received US$20 million in funding from privately held investor group, Access Industries.
The allocation is part of a US$112 million regional funding into the Zalora Group, The Iconic’s parent company.
Zalora was founded in 2012, and claims to be Southeast Asia and Australia’s leading online fashion and beauty retailer. It currently operates in Singapore, Indonesia, the Philippines, Thailand, Vietnam, Hong Kong, Malaysia, and Brunei,
Patrick Schmidt, CEO of The Iconic, said the Australian arm is approaching its one millionth order.
“This investment will allow us to continue to build the one stop online shopping destination for fashion, footwear and beyond through a singular focus on customer satisfaction,” said Schmidt.
In a similar round of funding in July 2013, Zalora Group received US$100 million from new investor, Verlinvest, and existing shareholders Investment AB Kinnevik, and Summit Partners.
Of this, A$28 million was invested in The Iconic, which combined with the company’s initial A$50 million round of funding represents the largest ever investment into an Australian e-commerce venture.
Other investors include J.P. Morgan, and Germany-based e-commerce incubator, Rocket Internet.