Alibaba Supports Online Retailer Grana with Entrepreneurship Fund

5 Oct

According to technology news website TechCrunch, the Hong Kong-based online fashion retailer Grana has raised $10 million in new funding, buoyed by Alibaba’s entrepreneurship fund. Currently, Grana is in the midst of Series A round, following $6 million in prior seed funding. Alibaba’s Hong Kong-based fund is leading the round. Participating investors besides Alibaba include Golden Gate Ventures (Singapore) and MindWorks Ventures (Hong Kong).

Grana is focused on expanding its business in the U.S., the company’s top market alongside Hong Kong. In an interview with TechCrunch, the company’s CEO Luke Grana said the firm “s growing at an average of 15 percent on a monthly basis.”

“We’ve experienced really strong growth [and had a] good couple of years that we need to continue,” Grana noted.

Grana sells its branded fashion items online, sourcing fabric for its products from Italy, Peru, China and other parts of the world. It has a brick-and-mortar store in Hong Kong and has sold its products via temporary stores in four countries so far. The company’s 50 staff members are all based in Hong Kong.

Grana said: “There are no distributors, middle men or warehouses, so we ship direct to the customer. We cut out all the inefficiencies that we can [so that] customers get a really great product at a quality that they’ve never seen before.”

“We travel the world to find the best fabric to make modern wardrobe essentials: great quality items that a large market can wear,” he added. “We want to replicate ASOS but using our own brand.”