The PopChill team
PopChill, a luxury resale marketplace in Taiwan and Hong Kong, has secured US$3.1 million in a pre-Series A extension funding round.
The investors are Top Taiwan Venture Capital, the Taiwan National Development Fund, 500 Global, Acorn Pacific, ITIC, AVA Angels Fund, Acorn Pacific Ventures, and Darwin Ventures.
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The funding takes PopChill’s total investment to US$6.2 million.
The startup plans to use the fresh capital to reach break-even in Taiwan by the end of this year and expedite growth in the Hong Kong market. It also plans to expand into a new market, with Singapore as the primary target, within this year.
The global resale luxury market has doubled over the past four years. According to estimates from Bain & Company, approximately US$49.3 billion worth of second-hand luxury products were sold worldwide in 2023. Taiwan and Hong Kong are among the world’s highest per capita spenders on luxury goods. The estimated value of luxury personal goods is US$8.1 billion in Taiwan and US$3.2-5.4 billion in Hong Kong.
PopChill, a marketplace for authentic second-hand fashion luxury items, aims to tap into this massive opportunity. The marketplace features over 100,000 items in partnership with three of the top ten luxury resellers in Japan and suppliers from Taiwan and Hong Kong.
Its most popular brands are Chanel, LV, and Hermes and they contribute to 60 per cent of the total revenues. Handbags constitute 80 per cent of sales, and PopChill plans to diversify into watches and jewelry in the next six to 12 months.
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“The potential for luxury resale in Asia is tremendous and largely untapped, with no clear leader outside China. The key to success is security, and we are reacting to this by constantly improving our authentication processes,” said Andy Kuo, co-founder of PopChill. “We are confident in our potential to succeed in new markets because not only can we bring our technology and know-how, but also our thousands of sellers who can ship cross-border.
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