Vietnam-based e-commerce platform Leflair has raised a $3 million Series A funding round led by Capital Managment Group.
The new funding will used to bring in more international brands to Vietnam via their cross-border hubs overseas, ramp up its platform tech and improve its warehousing operations.
Founded in December 2015, Leflair sells premium brands and follows the flash sale model, providing its customers with limited-time-only deals of premium brands discounted up to 70 percent off retail prices.
Based in Ho Chi Minh City, LeFlair currently operates in Vietnam and maintains warehouses in Ho Chi Minh City and Singapore. The startup says it has over 700,000 members and partnered with 1,100 local and international premium brands.
Leflair claims it has exprienced a twofold increase in revenue and active customer base YoY, and that 30 percent of its customers spend an average of US$100 every month on the platform.
“Although this year competition is intensifying among the marketplaces in Vietnam, we have differentiated ourselves by becoming the go-to destination for more premium, higher-priced and higher-quality Fashion, Beauty and Home brands,” Loic Gautier, Co-founder and CEO of Leflair, said in an offical announcement.
To date, Leflair has successfully closed three rounds of fundings and attracted foreign investors which include Google’s VP for India and Southeast Asia, Rajan Anandan; the CEO of German consulting firm Roland Berger, Charles-Edouard Bouee; and venture capitalists from the US, Italy, Hong Kong and South Korea. The latest funding round is three times larger than its previous round 13 months ago in December 2016.