# HipVan Pte.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/hipvan-pte

- Industry: Consumer Products
- Headquarters: Singapore, Singapore
- Website: www.hipvan.com
- Total disclosed funding: $5.3M
- Latest round: Series A (Apr 5, 2016)
- Investors on record: 6

## About

HipVan Pte. Ltd. is a Singapore-based online furniture retailer offering a wide array of stylish home furnishings at competitive prices, enhancing accessibility for homeowners and renters alike.Founded in 2013 and headquartered in Singapore, HipVan Pte. Ltd. operates as an online furniture retailer specializing in a diverse selection of home furnishings. The company has successfully completed 6 deals, with its latest funding round occurring on August 18, 2022, when it raised SGD 1.5 million from investor BUCKETPLACE, totaling SGD 1.5 million raised to date. The company was founded by Danny Tan, who has contributed to the entrepreneurial landscape through previous ventures.HipVan is an online furniture retailer that specializes in a diverse range of home furnishings, including sofas, coffee tables, dining tables, chairs, beds, mattresses, and lighting. The company curates over 5,000 unique designs, tailored to various aesthetic preferences such as Scandinavian, modern, industrial, minimalist, and bohemian styles. Serving primarily the Singapore market, HipVan positions itself as a cost-effective alternative to traditional furniture shopping by eliminating middlemen costs, thus facilitating access to stylish and high-quality products. The end users of HipVan's offerings include homeowners and renters looking to beautify their living spaces affordably. Additional services include furniture assembly upon delivery and a 100-day return policy, enhancing customer satisfaction and trust.In the most recent fiscal year of 2023, HipVan recorded a revenue of SGD 12,298,179.30 and an EBITDA of SGD 318,699.10. The revenue model for HipVan is primarily based on direct-to-consumer transactions facilitated through its e-commerce platform. Customers purchase products online, with free delivery offered for orders exceeding a specific value. The transaction structure typically involves single-item purchases as well as potential bundle deals, allowing customers to save when buying multiple items. The company's flagship products, including the Levitate mattress and various sofa beds, are priced competitively to appeal to a broad customer base. The company also incentivizes customer loyalty through reward programs, where customers earn credits for referrals, further enhancing their engagement and repeat business.In August 2022, HipVan Pte. Ltd. raised SGD 1.5 million in venture funding, which will be utilized to support the design and launch of new products aimed at enhancing customer offerings. Additionally, the company has plans to expand its market reach beyond Singapore, targeting broader Southeast Asian markets by the end of 2024. This growth strategy aims to leverage its established online platform while continuing to invest in inventory and logistics to ensure efficient operations.

## Funding rounds

- Series A, Apr 5, 2016, $3.8M — LionRock Capital, Golden Gate Ventures, East Ventures, Ta Activity Singapore Private Ltd.
- Seed, Oct 8, 2014, $1.6M — Wavemaker Partners, LionRock Capital, Silicon Straits, Ta Activity Singapore Private Ltd.
- Angel, Oct 3, 2013 — Silicon Straits

## Investors

- Silicon Straits (https://capitalatlas.ai/funds/silicon-straits) — Angel, Seed
- Wavemaker Partners (https://capitalatlas.ai/funds/wavemaker-partners) — Seed
- LionRock Capital (https://capitalatlas.ai/funds/lionrock-capital) — Seed, Series A
- Ta Activity Singapore Private Ltd. — Seed, Series A
- Golden Gate Ventures (https://capitalatlas.ai/funds/golden-gate-ventures) — Series A
- East Ventures (https://capitalatlas.ai/funds/east-ventures) — Series A