Breaking Ground: Closing Fabrica Fund’s 1st investment
When we launched Fabrica Fund last month, we told you that we wanted to invest to help accelerate techstyle’s growth for the future be it in enabling, disrupting or creating better models in materials/ production processes / supply chains, wearables or retail. This month, we are excited to say we have broken ground and closed our first deal in Goxip, a leading social commerce platform changing the retail model for fashion and beauty.
Why Goxip for us?- A vision for the future fashion commerce
Making a $1M investment is no easy decision but in Goxip’s case, we were impressed by the team’s vision for the future of fashion commerce and the strong track record they had in delivering results within the short time since their launch.
Increasingly when customers want to shop for fashion, a common source of inspiration is from trends and fashion styles that we see around us, be it from what our favourite celebrities wear or fashionable clothes we notice on the street. The traditional trick is then in relying on our visual memory and searching skills to try to find similar pieces of what we want when we go window shopping or online shopping. This often can be a frustrating process when we just can’t seem to find or search for what we want exactly. Enter Goxip – a “google” for fashion and beauty commerce. Goxip is a fashion and beauty social commerce platform that allows targeted search for fashion and beauty to purchase such as through following what KOLs wear or from image search recognition (of pictures that you found or took).
It is this differentiable model combined with the scalability of the platform (Goxip is planning to launch into SEA market next) that got our attention especially in Goxip’s potential in changing the retail model of fashion and beauty for the future.
More importantly, we were impressed by the track record of the team (headed by star techstyle entrepreneur Juliette, with experience driving multi-million dollars sales growth at 3 e-commerce platforms) and the Goxip team has an impressive record in delivering results, achieving more 10x revenue growth within 10 months last year.
Goxip will focus on their continued expansion into Southeast Asia in the coming year and with targets to double 2017 GMV to achieve a hundred million HKD in sales in 2018. We in particular are looking forward to see how traditional models of fashion commerce will continue to evolve, especially with trends in social commerce and in building a community for fashion.
What this means for the future- “techstyle as a model” and “role models for the next generation”
We genuinely believe in the potential of Goxip in helping to kick-start a wider movement in creating a new techstyle model for HK and the world. As a evergreen VC and incubator dedicated towards techstyle, we are looking forward to work with and support Goxip and other future entrepreneurs be it in exposure, connections or advice to help take their business forward.
More importantly, we hope that each investment that we make are also in techstyle entrepreneurs who are “role models” for next generation. For a city like Hong Kong with an early but rapidly growing startup system, we would benefit from having more “role models” and success stories that can help inspire the next generation of entrepreneurs that they too can dare to do something different.
Therefore, with the closing of our first investment, we hope to have broken ground in supporting and growing a new generation of techstyle entrepreneurs for the future and we look forward to meeting and working with more of you in the future.