Ardent Capital is a team of experienced entrepreneurs with a history of successful exits throughout Southeast Asia and globally. We bring together all the key elements required to create great companies: Team, Strategy, Operations, Marketing, Technology, Capital, and Passion. We are thrilled and privileged to be participating in a technology revolution sweeping the region.

Ardent Capital

Meitu is a global innovator in mobile photography and video apps, including proprietary facial recognition and virtual makeup try-on technologies.  Since launching in 2008, Meitu has built a suite of apps including MeituPic, Meipai, SelfieCity, BeautyCam, BeautyPlus, Airbrush and MakeupPlus that are installed on more than 1 billion unique devices, and growing by more than 200 million new activations every day.  Today, Meitu is focused on leveraging its technology leadership and global user base to build a mobile beauty ecosystem where users can discover, experiment, create and share new looks -- right from their smartphones. Meitu has 900 employees worldwide with offices in China, Santa Monica and Palo Alto California, and expanding its presence in Latin America, Europe, the Middle East and Asia Pacific.  As Meitu's user base is rapidly expanding, the company is seeking talented and experienced individuals in marketing, business development, user acquisition, localization, and monetization to join the Meitu's international team to help expand its global presence.

Meitu

Convoy is an insurance brokerage company that offers financial planning and asset management services.

Convoy

The Mills Fabrica (http://www.themillsfabrica.com/) – an incubator, fund and space/lab/store dedicated towards promoting innovations and sustainable businesses at the intersection of technology and lifestyle (“techstyle”). Our mission is to create techstyle startup success stories around the world focusing on materials & supply chain innovation, wearables, services & products merging technology & style and new retail experiences.  We run a 12-month cross-border incubation programme both in Hong Kong and the UK connecting startups to our global community of partners within the lifestyle industries. We are committed to provide exposure and advisory to incubatees, assisting them to achieve milestones. Applications are accepted on a rolling basis.  We also have an investment fund that invests in leading techstyle startups globally and supports entrepreneurs from the early to growth stages. Set up in late 2018, we have invested in over 10 startups with portfolio presence across Asia, Europe and America.

The Mills Fabrica

Goxip Inc

Goxip is ultimate destination for searching, discovering and purchasing any fashion and beauty products. By partnering with over 500 international online retailers, Goxip’s database covers more than 36,000 luxury brands and 5 million items. Being the biggest fashion and beauty ecommerce platform,  can simply search with text, categories or even images to find  ideal items. They are  super connector between content and ecommerce sites. Whatever see and inspires , Goxip is here to help  bring home that piece of fashion  cannot live without. Discover trends, find inspiration and share  own styles with the Goxip community of fashionistas. Snap. Shop. Wear.

Goxip is an online social commerce platform that combines fashion and beauty products from over 500 international online retailers, catering to fashion enthusiasts and bloggers. The company's core technology involves image recognition, allowing users to identify and purchase similar apparel worn by celebrities or influencers by uploading photos. As of 2018, Goxip had partnered with more than 36,000 luxury brands and had a database of over 5 million fashion and beauty products. The platform enables users to search for desired items using text, categories, or images, streamlining the shopping experience. Goxip won the RISE 2015 competition and raised USD 1.6 million in seed funding from Ardent Capital. In January 2018, the company raised USD 5 million in a Series A round led by Meitu, with participation from Nan Fung Group's Mills Fabrica Fund. This investment aimed to develop Goxip's proprietary rewardSnap ad system and expand its operations in Southeast Asia. In 2018, Goxip targeted a gross merchandise value of 100 million HKD, doubling its 2017 figures.

The Hit List: Goxip co-founder Juliette Gimenez shares her shopping go-tos

BeautyMatter

THE MILLS “FABRICA FUND” COMPLETES FIRST INVESTMENT IN LEADING TECHSTYLE SOCIAL COMMERCE PLATFORM “GOXIP”

The Mills “Fabrica Fund” completes first investment in leading techstyle social commerce platform “Goxip”

Marketplaces and related solutions for selling goods and services online

Ecommerce Platforms

Goxip

Goxip is an online social commerce platform that combines fashion and beauty products from over 500 international online retailers, catering to fashion enthusiasts and bloggers. The company's core technology involves image recognition, allowing users to identify and purchase similar apparel worn by celebrities or influencers by uploading photos. As of 2018, Goxip had partnered with more than 36,000 luxury brands and had a database of over 5 million fashion and beauty products. The platform enables users to search for desired items using text, categories, or images, streamlining the shopping experience. Goxip won the RISE 2015 competition and raised USD 1.6 million in seed funding from Ardent Capital. In January 2018, the company raised USD 5 million in a Series A round led by Meitu, with participation from Nan Fung Group's Mills Fabrica Fund. This investment aimed to develop Goxip's proprietary rewardSnap ad system and expand its operations in Southeast Asia. In 2018, Goxip targeted a gross merchandise value of 100 million HKD, doubling its 2017 figures.

Vestiaire Collective is a leading global online marketplace for pre-owned luxury fashion items. Founded in 2009 in Paris, France, the company aims to transform the fashion industry into a more sustainable model by promoting circular fashion and reducing overconsumption and waste.
Vestiaire Collective operates a platform where buyers and sellers can buy, sell, and trade authenticated pre-owned luxury fashion items, including clothing, handbags, shoes, and accessories from renowned brands such as Louis Vuitton, Chanel, Gucci, and Prada. As of 2023, the platform had over 3 million items listed and a community of around 23 million members across 78 countries.
The company's core value proposition lies in its rigorous authentication process. All items listed on the platform undergo meticulous quality and authenticity checks by a team of trained experts, ensuring the legitimacy of the products sold. This process involves thorough examination of materials, craftsmanship, branding elements, and serial numbers, as well as the use of advanced technologies like image recognition software.
Vestiaire Collective's business model is commission-based, with the company charging a percentage fee on successful transactions. The fee structure varies based on the sale price, ranging from 15% for items sold between USD 80 and USD 13,000 to a fixed fee for higher-priced items.
In recent years, Vestiaire Collective has undertaken various sustainability initiatives, such as launching the "Brand Approved" program, which allows luxury brands to integrate circularity into their business models by facilitating the buyback and resale of their pre-owned items. The company aims to become carbon neutral by 2026 and has implemented measures to reduce its environmental footprint, including offering green shipping options and eco-friendly packaging.

Vestiaire Collective

Trendyol is a leading ecommerce platform based in Turkey that was founded in 2010 by Demet Mutlu. It operates as a marketplace connecting buyers with a wide range of sellers offering products across various categories including fashion, electronics, beauty, and groceries. Trendyol has evolved from a single shopping site to a comprehensive ecommerce ecosystem, offering complementary services such as logistics (Trendyol Express), instant delivery (Trendyol Go), digital payments (Trendyol Pay), and a secondhand marketplace (Dolap).
Initially bootstrapped with USD 300,000 by Mutlu, Trendyol witnessed rapid growth, reaching over a million customers within its first year. As of 2023, the platform boasts over 30 million customers, 250,000 sellers, and delivers more than 1 million packages daily. Trendyol's success can be attributed to its focus on affordable pricing, a diverse product range, and a sustainable business model that supports digitization of local manufacturers and small businesses.
In 2018, Alibaba Group acquired a majority stake in Trendyol, valuing the company at USD 728 million. This strategic partnership provided Trendyol with technological expertise and helped position it as Turkey's first "decacorn" (a startup valued over USD 10 billion) after raising USD 1.5 billion in 2021, reaching a valuation of USD 16.5 billion.
Trendyol's commitment to creating a positive impact is evident through its support for local talent, sustainable sourcing, and initiatives promoting women's participation in the digital economy. The company has generated significant economic impact, contributing to the growth of over 90% of its sellers and enabling over 50,000 female entrepreneurs to establish ecommerce businesses.
Key customers and partnerships
Trendyol has established notable partnerships to enhance its technological capabilities and expand its reach. In 2018, Alibaba Group secured a significant stake in Trendyol, providing expertise and resources to support the platform's growth. This strategic partnership aims to boost Turkey's e-exports by enabling Turkish SMEs to leverage Alibaba's global network for exporting their products.
Additionally, Trendyol has partnered with EVS, aligning with their shared values of positively impacting people's lives and maintaining a startup spirit. This collaboration has allowed Trendyol to contribute further to Turkey's economy and leverage EVS's expertise in areas such as mobile payments, logistics, and exports.
Trendyol has also formed a partnership with AGH, a company rich in ecommerce experience. This alliance has enabled Trendyol to absorb knowledge and best practices in areas like logistics, mobile payments, and facilitating the growth of SMEs through the platform economy.

Trendyol

SidelineSwap is the world's largest online marketplace for buying and selling new and used sporting goods. It was founded in 2015 with the mission of making sports more affordable and accessible to everyone. The platform allows athletes, fans, and sports families to safely buy and sell a wide range of sports gear across various categories, including baseball, basketball, football, hockey, golf, lacrosse, skiing, snowboarding, and tennis. SidelineSwap has enabled athletes to earn over USD 250 million to date by reselling the extra gear they have at home.
The marketplace operates on a peer-to-peer model, where sellers can create free listings, and buyers can browse through the inventory to find great deals, often at up to 70% off retail prices. Sellers receive payment through SidelineSwap's secure platform once the buyer receives and approves the item. As of April 2024, SidelineSwap had helped over 2 million athletes resell over USD 250 million worth of used sports gear, keeping 180,000 pounds of gear out of landfills annually.
In addition to its core marketplace, SidelineSwap has developed a Trade-in Platform, which provides pop-up events, in-store, and online trade-in options for brands and retailers. This platform leverages SidelineSwap's proprietary marketplace technology and resale data, enabling sellers to choose between direct resale or instant trade-in value. The Trade-in Platform has been adopted by major retailers like DICK'S Sporting Goods and MonkeySports, allowing their customers to trade in used gear for store credits.

SidelineSwap

OnBuy is an online marketplace that was founded in 2016 with the aim of providing a fair and transparent platform for retailers and consumers alike. Unlike other major marketplaces, OnBuy does not hold its own inventory or compete with sellers by offering its own product lines. Instead, it acts as a pure online marketplace connecting independent retailers and brands with customers.
The platform offers a wide range of products across various categories, including electronics, entertainment, home and garden, office supplies, and more. As of March 2024, OnBuy hosts over 35 million products from 11,000 brands and retailers. The company has witnessed rapid growth, recording a 600% year-on-year increase in sales between 2018 and 2021.
OnBuy's unique selling proposition lies in its commitment to treating all sellers equally, regardless of their size or relationship with the platform. It operates on a transparent fee structure, charging a flat commission rate of 5% on consumer electronics and 9% for all other categories, with no listing fees. This approach has resonated well with retailers, attracting hundreds of new sign-ups each month.
In July 2023, OnBuy introduced a pioneering cashback rewards program, becoming the world's first cashback marketplace. Customers can earn uncapped cashback on every purchase, which can be spent instantly on the platform or withdrawn after 30 days. This innovative loyalty program aims to disrupt the online retail landscape and provide customers with tangible rewards for their loyalty.
OnBuy's growth has been fueled by its commitment to ethical practices, fair treatment of sellers, and a focus on customer needs. The platform's success has been recognized by various accolades, including being listed in the Financial Times' 1000 fastest-growing companies in Europe and Deloitte's Fast 50.
In December 2021, OnBuy announced its plans for an anticipated IPO within the next two years, as well as international expansion into over 140 countries. The company also acquired a new headquarters in central Bournemouth in March 2022 to support its growth ambitions.

OnBuy

OpenStore is a platform that provides instant liquidity for ecommerce entrepreneurs, primarily those selling on Shopify. Founded in 2021, the company allows merchants to sell their businesses quickly by providing a cash offer within 24 hours after connecting to their Shopify store and providing relevant data. OpenStore uses proprietary algorithms and data science to analyze a merchant's historical financials, order history, and marketing data to determine a valuation for the business.
The company acquires Shopify brands with USD 1 million to USD 10 million in gross merchandise volume, with a focus on US-based, direct-to-consumer brands. After the acquisition, OpenStore takes over operations of the businesses with the intention of growing them long-term. The company has acquired dozens of brands since late 2021 and aims to streamline the mergers and acquisitions process for ecommerce businesses through automation.
OpenStore differentiates itself from other ecommerce aggregators by its rapid turnaround time and focus on direct-to-consumer Shopify brands rather than Amazon marketplace sellers. The company closed a USD 32 million funding round in September 2022, valuing it at USD 970 million. As of July 2024, OpenStore had over 100 employees and had raised over USD 150 million in equity funding from investors including Lux Capital, Atomic, Founders Fund, General Catalyst, and Khosla Ventures.

OpenStore

C2C and B2C ecommerce platforms that enable users to sell a range of goods and services via their online marketplace (e.g., eBay, Amazon).

B2B ecommerce platforms that enable businesses to sell a range of goods and services aimed mainly at other businesses. These companies mostly provide wholesale/bulk purchases (e.g., DHgate, Lightinthebox).

B2C ecommerce platforms that enable businesses to sell specialized product categories (including electronics, fast fashion, or books) via their online marketplace (e.g., Trendyol, Asos, Bookshop).

Ecommerce solutions providers that offer software for customizable ecommerce and other websites or specific modules embedded in websites such as digital experience intelligence and ecommerce management support (e.g., Shopify, CommerceIQ).

Companies that buy and grow ecommerce brands on ecommerce marketplaces (e.g., Thrasio, OpenStore, Moonshot Brands).

Companies that use GenAI as a core part of their product offering for ecommerce platforms

Some companies in the "ecommerce website solutions" segment provide B2B SaaS solutions

GenAI-based Ecommerce Platform operators offer Generative AI as a part of their core offering

Ecommerce website solutions provide services to build customized platforms/experiences for ecommerce

Goxip

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