FRANKFURT (Reuters) - An investment arm of Germany’s Hubert Burda Media said it had led a $54 million funding round in Zilingo, a fashion-focused marketplace platform founded in 2015 that serves Southeast Asia.
The Series C investment, which follows a $17 million Series B round last September, was backed by Burda Principal Investments, Sequoia Capital India and Sofina. Earlier investors also backed the round, as did newcomer Amadeus Capital.
Founded by Ankiti Bose and Dhruv Kapoor, Zilingo’s revenue grew by 10 times over the last 12 months and it now counts 10,000 independent merchants on its platform.
“We think the market is showing us the right signs in terms of adoption and retention, so it’s good to double down,” Bose said in a statement released by Burda.
Based in Singapore, Zilingo also sells in Indonesia and Thailand and ships to four more countries.
Reporting by Douglas Busvine; editing by Jason Neely