In the second episode of the new season of FounderMetrics, founder and CEO Ifty Nasir talks with Jonny Plein, co-founder of YASO, the omnichannel operating system for global brands in China.
In his conversation with Ifty, Jonny walks us through his journey, from his experience in China to his appearance on Dragons' Den and helping Western brands scale in China using social commerce technology. Check out the main takeaways below, or click here to listen to the full episode.
I was born and raised in London, where I studied Economics and Chinese at the University of Nottingham. I then spent some time living in China, a chapter that has proved crucial for what I’m now doing with YASO.
My journey into entrepreneurship may not be conventional. After graduating, I joined Ernst & Young in the corporate finance division. From day one, I knew it wasn't for me.
My mentor asked why I was there, and I replied honestly: “To qualify as an accountant so I can start my own business.” She looked horrified and said, “No, you're supposed to want to make Partner.” Progress up the ladder, etc. That moment told me everything I needed to know. I qualified and left as soon as I could to start my first business, Pouch.
We were lucky with Pouch. We built a browser extension that automatically sourced the best available voucher codes.
Think of it as the UK version of Honey, which was sold to PayPal for $4 billion - although we had about a thousandth of the funding and possibly one five-thousandth of the exit value.
Still, we exited in early 2019 with a low seven-figure deal, having raised around £300,000; thus, we returned more than we invested. A rare feat!
Pouch came about with my friend Ben, who worked in affiliate marketing. We initially developed it as an on-site conversion tool, which ultimately evolved into a browser extension. I was 24 and had no expectations of success. I thought it would fail and then I’d go travelling and get a more interesting job.
That mindset served me well. I was there to learn, not stressing over outcomes. We garnered a significant amount of press early on, as we were the first of our kind in the UK.
We won accelerator awards and made the startup lists, which led us to Dragons' Den. All five dragons made offers, something that had only happened three times in 15 years. That 15-minute slot on primetime telly built our business.
Although we initially accepted offers from Touker, Tej, and Jenny, the deal fell through, as many do. We hadn't planned to take an investment; we just wanted the exposure.
Still, it worked. That YouTube clip has 3 million views and likely still generates downloads today. Building on that, we were able to grow, raise additional funds, and eventually exit to Global Savings Group.
I stayed on post-acquisition - not because I had to, but because I wanted to. It was an all-cash deal, and I could've walked in six months, but I stayed for three years and learned what a top-tier tech company looks like. That experience helped shape the vision for YASO.
YASO is the culmination of a decade of personal and professional experience between my co-founders, James and Adam, and me.
We're an e-commerce technology company that enables Western brands to sell directly to Chinese consumers. That means integrating with social commerce platforms, logistics, payments, and analytics.
Essentially, everything a brand needs to access that market. The barriers are high - language, culture, tech - but we’re removing them.
So far, we’ve launched six brands in China, including Soho House's skincare line Cowshed, Faith in Nature, Pixi Beauty, and a New Zealand brand called Antipodes. All of them are now generating revenue in China.
We're not a distributor; we don't buy stock. Brands provide inventory on consignment and a marketing budget. We manage the rest, from customer acquisition to operations.
We take 40% of the revenue generated in China, which covers logistics, platform fees, team costs, and our margin. In return, brands get market access with zero operational risk. They contract through our UK entity, don't need local staff, and avoid setting up Chinese legal entities.
It's a plug-and-play model for selling into the world's fastest-growing market.
Raising for YASO was a different experience from Pouch. Back then, it was cap-in-hand - "Please invest in this young guy with an idea.” Our first investor invested £95,000 for 20% of the business. He did well out of it, but the dynamic was very different.
With YASO, we knew the value of what we were building. Adam and James had spent ten years helping brands enter China through an agency model.
Now, we're offering a scalable platform. We've lived in China, speak the language, and understand the market inside out. We went to investors saying, "This is the rocket ship. Get on board or miss out.” That approach worked.
That said, we got a lot of rejections. VCs like to invest in what they understand. China’s e-commerce landscape, including its platforms and regulations, is a black box to many. But we leaned into that. The founder-market fit is strong. We’re a rare team with the right skills for this opportunity.
In terms of metrics, we keep it simple. We’re not a "nice-to-have" SaaS tool measuring engagement or vanity metrics. The only number that matters is how much money we’re making for our brands.
Revenue is our North Star - ours and our investors'. If they’re not making money, they’ll leave. If they are, they’ll stay and scale.
We’re currently a 16-person team: six in the UK, eight in China, and two remote developers. We’ve likely hired ahead of the curve, but we know growth is on the way. Right now, our goal is to reach 10 brands.
At that point, we’ll bring in more operational support in China. Over time, we’re also considering productising some of our internal tooling, potentially selling it to companies already active in China who face similar challenges.
As for the macro picture, geopolitical concerns around China are always raised - especially by investors. But in three years, nothing has disrupted our ability to trade.
We operate under a cross-border e-commerce model that the Chinese government actively supports. Goods are held in bonded warehouses in China and sold through local platforms.
Ironically, the fear of “China risk” works in our favour. It puts off competitors. While TikTok was under scrutiny in the US, our brands experienced a 300% quarter-on-quarter growth in Q4. The demand is there, and we’re not feeling the political tension on the ground.
We believe YASO can be a £100 million revenue business within three years. I know the exit offers will come. And I’ve said it on other podcasts: we’re not trying to save the world.
We’ve identified a strong commercial insight and are executing on it to generate significant revenue for our team, investors, and brands. There’s nothing wrong with that.
We’ve got the right product, the right team, and the right time. Now it’s just about focus and execution.
You'll find Jonny’s episode and more on all popular podcast platforms. Or watch the interview in full on YouTube - don't forget to like and subscribe!