Reebonz, a website for buying and selling luxury products, has raised $40 million from a Singapore-based media company called MediaCorp. This deal values Reebonz at around $200 million. This is the first time that MediaCorp has invested in an online retailer company.
As part of the strategic investment, MediaCorp will work with Reebonz to expand into the Asia-Pacific region’s e-commerce market, which is estimated to be worth around $1.3 trillion according to eMarketer.
“We see great alignment between what Reebonz does and what MediaCorp has?audiences, content targeted at the luxury market and our star power. We are confident that by collaborating closely with Reebonz, we?ll see even more breakthroughs from the retailer,” stated MediaCorp CEO Shaun Seow.
According to TechCrunch, Reebonz launched in 2009 and has raised $79.7 million in total funding. Reebonz’s previous investors include Vertex Asia Investments, Granite Global Ventures, Intel Capital, Matrix Partners China, and Infocomm Investments.
Reebonz is known for their flash sales platform that offers around 70% off luxury goods. You can purchase accessories for men and women on the website. Some of Reebonz’s partners in the sales include Fossil, Prada, Miu Miu, Coach, and Moschino. Reebonz has an Android and iPhone app that can send you daily alerts for deals also.