Online fashion startup Zilingo has raised US$308 million to date. The five-year-old Singapore-based company was valued by investors at US$970 million—touching distance from the hallowed US$1 billion ‘unicorn’ market—when it raised US$226 million for its most recent round in February 2019.

However, online fashion in the times of influencer-led marketing on platforms like Instagram meant just raising funds wasn’t enough. Who it raised from mattered. In 2019, Zilingo raised funds from rapper Jay-Z’s VC fund Arrive. The deal itself was worth less than US$1 million, a person with knowledge of discussions said. They requested anonymity because they were not authorised to discuss company financing in public.

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Jon Russell

Jon Russell is Southeast Asia editor for The Ken based in Bangkok. Originally from the UK, Jon moved to Thailand in 2008. He’s passionate about telling thoughtful business stories, and tracking the impact of the internet in his adopted home of Southeast Asia.

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