Taiwan’s PopChill acquires US$1.9m investment for Hong Kong expansion

The luxury platform sustains a 10% growth every month, with volume surpassing $1m.

Taiwan-based fashion luxury platform, PopChill, secured a US$1.9m investment, which will be used for expanding into the Hong Kong market after its astounding success in Taiwan.

Over the past year, the niche marketplace has exceeded its gross merchandise volume of US$1m and reached a US$800 average order value, whilst maintaining a growth of an estimated 10% per month. 

“Our goal for the Hong Kong branch is to replicate the growth trajectory experienced in Taiwan over the past few months, rapidly establishing supply and demand locally," Andy Kuo, co-founder of PopChill, said in a statement.

After validating this business model in Hong Kong, PopChill is seeking to raise Series A funding.

ALSO READ: EY’s Samir Bedi: AI and humans will coexist

PopChill also uses an AI-powered authentication model where sellers list their products and their corresponding prices, then go through a verification process to ensure a secure purchase for buyers. It is seen as advantageous for online purchases of second-hand luxury goods.

The authentication, provided by AI service provider Entrupy, has an accuracy rate of 99.1%.

With the investment, the team has secured $5.2m overall funds for its Hong Kong expansion, as well as planned growth in the Singaporean and Malaysian markets by 2024.