What is HipVan? HipVan Review, Features

HipVan is a Singapore-based e-commerce platform that sells household goods. More than 100,000 consumers have purchased from the site.

About HipVan

HipVan was founded in 2013. HipVan is a website that mainly sells design, including fashion furniture, fashion accessories and other art collections. HipVan is a bit like the online version of IKEA.

In addition to the Singapore market, HipVan has also expanded to Malaysia and the United States.

Founding Background

The company's four founders met at Rocket Internet, a German startup incubator. Co-founder and CEO Danny Tan explained that online consumers have become more mature, their money is getting more abundant, opportunities have emerged, and they need a variety of goods when they get married and start a new family, and online shopping malls are a good window. They started by offering a limited number of fashion items, and later expanded to an unlimited variety of home furnishing products.

Development History

- In 2013, HipVan was founded and later received a seed round of financing of US$1.3 million. One year after its establishment, HipVan's annual sales reached 1 million Singapore dollars, and its monthly sales increased 24 times.

-In April 2014, HipVan's website had 100,000 unique monthly visitors and sold more than 6,000 products.

- In October 2015, HipVan announced that they had completed a 4.7 million Singapore dollar (3.32 million U.S. dollar) Series A financing. This round of financing was led by Singaporean venture capital firm Golden Gate Ventures, followed by East Ventures, original investor Skype co-founder Toivo Annus and LionRock Global.

-At the end of 2015, HipVan announced that they had more than 20,000 products on their website and more than 150,000 monthly visits. The annual growth rate of orders reached 370%, and the growth rate of mobile users reached 40% (60% of their traffic came from mobile devices).