PopChill, the Taiwan-based luxury fashion platform, has successfully raised $1.9 million in investments, bringing its total funding to $5.2 million. The latest round saw participation from prominent investors such as ITIC, AVA Angels Fund, 500 Global, Acorn Pacific Ventures, and Darwin Venture.
Distinguished from traditional e-commerce platforms, PopChill employs a unique authentication model where listed products are authenticated and inspected for quality before reaching buyers. This approach, especially valuable for second-hand luxury items, has enabled a robust growth in Taiwan, with monthly transactions exceeding $1 million and an average order value of $800. Andy Kuo, PopChill’s co-founder, attributes this success to the platform’s ability to foster trust among its users.
Having solidified its position in Taiwan, PopChill is now setting sights on the lucrative Hong Kong luxury market, capitalizing on its high demand and the benefits of zero tariffs. In a strategic move diverging from typical Taiwanese e-commerce trajectories, PopChill is focusing on international markets early on.
Kuo revealed aspirations for the Hong Kong branch to emulate Taiwan’s growth rate, further stating that after proving their business model in Hong Kong, PopChill aims to secure Series A funding for expansion into Southeast Asian markets by 2024.