International

eBay-Backed Marketplaces Secure $82.1M To Boost Asia Presence

Giosis, the Singapore-based parent company of eCommerce marketplace platform Qoo10, landed $82.1 million in its Series A funding round, led by media group Singapore Press Holdings, who announced the funding Wednesday (July 22).

Giosis, the Singapore-based parent company of eCommerce marketplace platform Qoo10, landed $82.1 million in its Series A funding round, led by eBay and media group Singapore Press Holdings, who announced the funding Wednesday (July 22).

Qoo10 was launched in 2010 as a joint venture between Gmarket founder Ku Young Bae and eBay after Gmarket was acquired by eBay in 2009. It now operates eCommerce marketplaces in Singapore, Japan, Indonesia, Malaysia, Hong Kong and China, with over 17.6 million registered users across the regions.

With the new investment, Giosis will seek to accelerate Qoo10 technology growth and service development, while also investing in more infrastructure and employee acquisitions, Singapore Press Holdings confirmed.

“Qoo10 is the No. 1 ranked eCommerce website in Singapore and its parent company Giosis has established itself as a market leader in the region’s eCommerce space,” Singapore Press Holdings CEO Alan Chan said in a company release. “The investment in Qoo10 will enhance our portfolio of digital assets and open up opportunities for future marketing collaborations. With the region’s eCommerce market poised to grow, this investment puts us in a good position to tap on the industry's growth and be an active player in this eCommerce space."

Along with Singapore Press Holdings and eBay, other participants in the funding round included Saban Capital Group, UVM 2 Venture Investments LP, Brookside Capital and Oak Investment Partners.

“From the beginning Qoo10 has strived to be a hyperlocal eCommerce platform which enables local merchants, big and small, to sell their products to a local and regional customer base across Asia. Today, 90 percent of our staff and merchants are local, in order to provide consumers with a seamless shopping experience in a specialized marketplace. With this new funding, we aim to further strengthen our position as the leading Pan-Asian marketplace,” Bae added.

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