Thai beauty platform Konvy raises Series A for international expansion • TechCrunch

Founded 10 years ago, Konvy is now Thailand’s top beauty e-commerce platform. It plans to accelerate its omnichannel and international distribution with a new $10 million Series A from Insignia Ventures Partners.

Konvy was founded in 2012 by Chinese entrepreneur QingGui Huang, who previously managed fashion e-commerce platforms in China. It now works with more than 1,000 brands representing SKUs of more than 20,000. The brand portfolio includes L’Oréal, Shiseido, Sulwhasoo, Eucerin and La Roche-Posay.

“Konvy had the advantage of starting in Thailand when there weren’t really any major e-commerce players there at the time,” Huang told TechCrunch. “We have since used our first mover advantage in Thailand to become a leading e-commerce player in the market.”

Konvy founders Leon Huang, Pornsuda Vangvidhayakul and QingHui Huang

Konvy founders Leon Huang, Pornsuda Vangvidhayakul and QingHui Huang

Konvy’s goal is to help local and international beauty brands capitalize on two major trends. The first is that health and beauty purchases are a priority spending category for Thai consumers, and the second is that Thailand has a high rate of e-commerce purchases and social media usage, meaning that young people in Thailand on average spend around spend two and a half hours on social media every day.

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Huang said he had validated his assumptions about Thailand’s beauty product spending by talking to brands, and that fueled his desire to set up Konvy.

“This possibility of health and beauty being a priority spending category for Thai consumers is a function of both the demand and supply circumstances that have fueled these consumer behaviors over the past several decades,” he said. “On the supply side, Thailand has been a manufacturing hub for many international brands for more than 40 years. This has also produced a thriving local industry. On the demand side, we see that when it comes to health and beauty, Thai consumers are hooked on this “upgrades” mindset, meaning it’s not just about accessing such products, but actually seeking the best products and a high willingness to do so spend to look for the latest trends.”

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Konvy capitalizes on the high rate of social media usage by developing a feedback loop where engagements with its partner brands help not only Konvy’s existing portfolio but also other brands in the future. For example, as more Gen Z consumers bought products they saw on TikTok during the pandemic, Konvy became more visible on that channel.

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In a statement, Insignia Ventures Partners founding managing director Yinglan Tan said: “While there may be stronger competitors from horizontal marketplaces in the future, we believe Konvy is best positioned to become a leader in the online beauty space given its long-standing brand to become an equitable, brand-centric and community-centric approach.”

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