Hong Kong fashion startup Grana has raised $10M in Series A funding.
The round was led by Alibaba Group under The Hong Kong Entrepreneurs Fund with participation from existing investors Golden Gate Ventures and MindWorks Ventures.
The company intends to use the funds to expand into the US and build out its product offering into sportswear, bags and accessories categories with.
Launched in October 2014 by Luke Grana and Pieter Paul Wittgen, Grana is an international direct-to-consumer eCommerce fashion e-tailer currently shipping directly to customers across 12 countries (Australia, United States, Singapore, Hong Kong, Belgium, France, Germany, Italy, Netherlands, New Zealand, Spain and United Kingdom) from its centralized warehouse in Hong Kong within 1-2 days. It offers constructed no label wardrobe essentials, using fine fabrics from around the world.
With the new funding, the company GRANA plans to expand its presence in the US, its largest international market through setting up its first pop-up showroom experience in New York for customers to try offline and buy online, as well as build a local New York team. To help strengthen its market reach in Asia, Alibaba is also partnering with the company for its market entry plan into mainland China.
Grana also plans to debut its new Italian shirting, silk bomber jackets and transitional knitwear collection this season.
The team will move into a new 18,000 square-foot centralised warehouse in Hong Kong this month to manage business growth and plans to double its headcount to 100 employees by the end of 2017.
FinSMEs
06/10/2016