Love, Bonito has secured US$50 million ($67.3 million) in its Series C funding on Oct 27.
The latest fundraising round was led by Primavera Capital Group, a global investment firm that has previously invested in Alibaba, ByteDance and Mead Johnson China.
Adastria and Ondine Capital participated in the round too.
The brand’s current investors include Temasek-backed Openspace Ventures and Kakaku.com.
According to the brand, proceeds from the fundraising will enable it to ramp up efforts in existing omnichannel markets in places such as Singapore, Indonesia and Malaysia.
The funds will also allow the brand to “supercharge international expansion” in markets that are experiencing triple-digit growth y-o-y collectively.
These markets include Hong Kong, Japan, the Philippines and the US.
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Furthermore, Love, Bonito says it is currently exploring categories that are outside of fashion. This is “part of its plan to create a female ecosystem,” it says.
The brand began as a blogshop selling women’s clothes under its previous name, Bonito Chico, in 2005. Today, it is Southeast Asia’s largest omnichannel womenswear brand.
To date, Love, Bonito has achieved an overall growth of over 120% y-o-y in international markets and overall growth of 208% for its online sales.
According to the brand, it believes the Asian diaspora communities have “extremely high potential”, especially in the US.
The country has so far seen online revenue growth of over 1,200% y-o-y as at September.
Rachel Lim, co-founder of Love, Bonito, says, “I am more excited than ever for what is to come in the next decade. The growth we see today would not have happened without #TeamLB and our #LBCommunity who consistently strive to support women in the different seasons of their lives.”
“Being in the business of women has been our mission since day one, and we are finally venturing outside of fashion to bolster our offerings,” Lim adds.
"We have built a strong foundation in understanding the everyday Asian woman in order to be pre-emptive in catering to her needs," says Dione Song, CEO of Love, Bonito.
"We are primed to become a true life partner for our community of women, in and beyond fashion. We have yet to see a womenswear brand from the region stand proud on the world stage amongst industry heavyweights and we want to be the first brand to achieve that, by being purpose-driven, community-focused and innovative,” Song adds.
A statement from Primavera says the brand has “proven itself to be a one-of-a-kind, purpose-driven brand for women across all life-stages. Consumers are drawn by what the brand stands for and its mission to empower women around the world.”
“Primavera is deeply impressed by how much the team has achieved over the last decade and looks forward to tapping into our understanding and experience in the global consumer sector to help elevate Love, Bonito to the next level. We are thrilled to join Dione and the rest of the team on this path-breaking journey."
Photo: Love, Bonito
