HK e-commerce startup Buyandship raises $6 million more in Series B funding

Buyandship, a Hong Kong-based cross-border e-commerce startup, announced it has raised an additional $6 million in Series B funding, bringing the total amount raised in the round to $16 million.

Altara Ventures from Southeast Asia was responsible for the Series B extension, with support from KSK Angels, AVA Angels and Venture University.

Founded in 2014, Buyandship is a cross-border e-commerce shopping and logistics platform that focuses on providing cross-border shopping and shipping services to end consumers.

Last September, 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 revenues for its planned expansion in Southeast Asia. The company operates in the Philippines, Malaysia and Singapore, and plans to enter Vietnam, Thailand and Indonesia.

Through this platform, customers can shop globally in the US, UK, Korea, Australia, Italy and Canada.

Hong Kong is Buyandship’s largest market, accounting for approximately 40% of its business. The city is followed by Taiwan and Southeast Asia, which account for 25% and 20% respectively.

It has 11 overseas warehouses and has over two million registered users who have completed over 12 million transactions to date.

Buyandship originally planned to raise $15 million in a Series B round. The company’s co-founder and CEO Sheldon Li said the oversubscribed funding round is a validation of the company’s belief in offering consumers the easiest way to purchase products around the world.

“We are now ready to double down on our development initiatives using the AI-enabled price comparison feature,” Li said.

In 2022, Buyandship acquired Hong Kong-based cross-border e-commerce price comparison platform Comparee. In 2019, the company secured $2.2 million in a pre-Series B financing round led by Headline Asia, formerly known as Infinity Venture Partners, which was joined by SQ Capital.

“Buyandship solves the problem of enabling anyone to shop online around the world and have their products delivered to their doorstep,” said Dave Ng, general partner at Altara Ventures.