Alibaba leads 10 million fundraising for online fashion retailer Grana

The Hong Kong based fast fashion startup has raised 10 million dollars for its series A round, led by Alibaba’s investment vehicle, the 130 million dollars The Hong Kong Entrepreneurs Fund.

As explained by the company earlier this week, its existing investors, Golden Gate Ventures and Hong Kong-based MindWorks Ventures, also invested in cash.

To this regard, Cindy Chow, executive director of the Alibaba fund, noted that “Grana has proved itself as an international ecommerce brand that uses a data-driven approach to optimise its business offering and create an excellent customer experience.”

The company offers no-label wardrobe essentials to customers across 12 countries from its headquarters – and centralised warehouse - off Hong Kong and they do it fast (within one to two days) and affordable.

Grana says it will use the fresh capital to expand in its highest growth market, the US, and branch out into new product offerings like sportswear, bags, and accessories.

“It all started in a 500 square-foot warehouse and now we’re moving into a bigger warehouse and celebrating our two-year anniversary this month, it’s a really exciting time for us,” says founder and CEO Luke Grana.

But now, fueled with the new cash, Grana plans to bolster its foothold in the US by setting up its first pop-up showroom in New York for customers to try clothes offline and buy online. It will also build a team there to better serve their North American clients.

The biggest push though will be a foray into mainland China through a tie-up with Alibaba.