Zalora secures $100M in new growth funds

MANILA, Philippines—Southeast Asia-focused Internet shopping site Zalora has secured $100 million in additional funding from private investors to support the company’s growth in the region.

Zalora, owned by German firm Rocket Internet, operates in nine countries in Southeast Asia.

In a statement on Wednesday, the company said the additional funding would support the expansion of its product lineup available for customers.

“The new capital will support Zalora’s efforts to build on these recent successes to scale up operations and gain an even stronger foothold throughout Southeast Asia, serving 600 million potential online shopping customers in the region,” the statement said.

“The investment will also be used to extend Zalora’s current portfolio of 500 local and international brands including over 20,000 products in every country,” it added.

The additional capital came from investors Summit Partners, Investment AB Kinnevik, Verlinvest and Tengelmann Group, which are already shareholders in Zalora and other Rocket Internet-owned companies.

The company said the additional funding would help improve its market reach by giving people access to products that were previously just available in major cities like Manila.

Founded in 2012, Zalora is said to be Asia’s fastest-growing online fashion and beauty retailer, with presence in Singapore, Indonesia, Malaysia, Brunei, the Philippines, Thailand, Vietnam, Taiwan and Hong Kong.