Online beauty marketplace Hermo has raised US$2 million in series A funding from venture capital firm Gobi Partners to expand into new markets, including Singapore and Indonesia.
The Malaysian start-up was founded in 2012 and now lists more than 3,000 products from both international and Asian beauty brands. The company pulled in revenue of US$2.37 million for fiscal 2015 – a threefold increase on the previous year – with nearly half of all orders completed on its mobile site.
“The company is focussed on Asian beauty products that are in great demand in Southeast Asia,” said Kay-Mok Ku, Partner at Gobi Partners. “In particular, we believe that Hermo will continue to benefit from the Korean wave. We will work with them to establish improved supply chain relationships with suppliers and manufacturers from Korea and other major cosmetics markets.”