Hong Kong-based cross-border e-commerce shipping startup Buyandship has announced raising an additional $6 million in Series B funding, bringing the total raised in the round to $16 million.
The Series B extension was anchored by Southeast Asian venture capital firm Altara Ventures and backed by KSK Angels, AVA Angels, and Venture University.
Founded in 2014, Buyandship is a cross-border e-commerce buying and logistics platform that focuses on providing cross-border shopping and shipping services to end consumers.
In September last year, Buyandship raised $10 million in the first tranche of its Series B round, led by sole investor Cool Japan Fund.
The company will use the proceeds for its planned expansion into Southeast Asia. The firm is active in the Philippines, Malaysia, and Singapore and plans to enter Vietnam, Thailand, and Indonesia.
Through its platform, customers can shop globally across the US, the UK, Korea, Australia, Italy, and Canada.
Hong Kong is Buyandship’s largest market, accounting for around 40% of its business. The city is followed by Taiwan and Southeast Asia, which make up 25% and 20%, respectively.
It operates 11 overseas warehouses and has over two million registered users with over 12 million transactions to date.
Buyandship originally planned to raise $15 million in its Series B round. The company’s co-founder and CEO, Sheldon Li, said the oversubscribed financing round is an affirmation of the company’s belief in offering consumers the easiest experience to purchase products globally.
“We are now ready to double down on our growth initiatives, powered by the AI-enabled price comparison function,” Li said.
In 2022, Buyandship acquired the Hong Kong-based cross-border e-commerce price comparison platform Comparee. It secured $2.2 million in 2019 in a pre-Series B funding round led by Headline Asia, formerly known as Infinity Venture Partners, and joined by SQ Capital.
“Buyandship is solving the pain point of allowing anyone to buy online globally and have products shipped to their doorsteps,” said Dave Ng, general partner at Altara Ventures.
