Groupin, a holding company of e-commerce Little Fashion and digital media firm Mediaload, based in Cambodia, has announced a Series A funding of US$5 million from Mekong-focused private equity firm Belt Road Capital Management (BRCM).
The company claimed that the funding is the largest in the history of Cambodian tech startups.
Groupin was founded by siblings Vichet In, Vichea In, Visal In, and Mayan In. The brothers and sister said that the funding will be used to invest in mobile technology, logistics chain, product vertical expansion, and customer support.
Little Fashion, its fashion and lifestyle e-commerce brand, was launched as an informal Facebook retailer in late 2010 and slowly became an online platform called L192, focussing on omnichannel customer experience. It operates in the low-cost online fashion industry.
Mediaload, on the other hand, is a digital media firm focussed on a content generation of local information with topics ranging from entertainment to sports. It is best known as Khmerload in Cambodia and Myanmarload in Myanmar.
Mediaload claims that it has 8 million monthly users and 20 million social media followers with more than 600 million social impressions a month. On its own, it previously received US$200,000 seed funding from 500 Startups in 2017.
“We see huge potential in Little Fashion’s marketplace. Bringing Mediaload together with the ecommerce platform allows for significant synergies and access to millions of potential customers in both Cambodia and Myanmar,” said Alex Odom, Chief Investment Officer of BRCM.
Vichet In, one of the founders of Groupin, commented on the future of digital media:
“We believe our digital media business model needs to evolve into a content aggregator app. With its operational system and local understanding, Mediaload has a big potential to be a localised super content app,” said In.
Both Little Fashion and Mediaload have operations in Cambodia and Myanmar. Little Fashion started off in 2010 by distributing fashion apparel from China/Thailand into Cambodia, while Mediaload started in 2011 in Cambodia, and in 2016 in Myanmar with a similar content development as US-based Buzzfeed.