Fashion startup Grana closes $10m series A round led by Alibaba’s Hong Kong fund

Grana sells wardrobe essentials made from fine fabrics. Photo credit: Grana.

Fast fashion startup Grana has raised US$10 million for its series A round, led by Alibaba’s US$130 million The Hong Kong Entrepreneurs Fund. The company’s existing investors, Golden Gate Ventures and Hong Kong-based MindWorks Ventures, also put in some cash.

Grana says it will use the fresh capital to expand in its highest growth market, the US, and branch out into new product offerings like sportswear, bags, and accessories.

The company ships no-label wardrobe essentials to customers across 12 countries from its centralized warehouse in Hong Kong within one to two days and for low prices. For instance, its Peruvian Pima shirts sell from US$15 upwards; Chinese silk tops, from US$29; and Mongolian cashmere sweaters, from US$99.

“It all started in a 500 square-foot warehouse and now we’re moving into a bigger warehouse and celebrating our two-year anniversary this month, it’s a really exciting time for us,” says founder and CEO Luke Grana.

The team will move into a new 18,000 square-foot centralized warehouse in Hong Kong to manage its growth and plans to double its headcount to 100 by the end of 2017. It has seen a 15 percent increase in month-on-month sales across key markets Hong Kong, Singapore, Australia, and the US.

“Grana has proved itself as an international ecommerce brand that uses a data-driven approach to optimize its business offering and create an excellent customer experience,” notes Cindy Chow, executive director of the Alibaba fund.

With the new round of funding, Grana plans to bolster its foothold in the US by setting up its first pop-up showroom in New York for customers to try clothes offline and buy online. It will also build a team there to cater to its growing customer base. It says it will also make a foray into mainland China through a tie-up with Alibaba.

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from Tech in Asia https://www.techinasia.com/fashion-startup-grana-closes-10m-series-led-alibabas-hong-kong-fund
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