<article><a href="https://www.dealstreetasia.com/?s=Xiangwushou">Xiangwushou</a>, a Shanghai-based used goods swap app, has raised $50 million in its Series B+ funding round led by venture capital investor <a href="https://www.dealstreetasia.com/?s=Sequoia%20Capital">Sequoia Capital</a>, according to a <a href="https://www.chinamoneynetwork.com/2018/08/01/sequoia-leads-65m-series-b-round-in-used-goods-swap-app-xiangwushuo">CMN report</a>.</article>

<a href="https://www.dealstreetasia.com/?s=Xiangwushou">Xiangwushou</a>, a Shanghai-based used goods swap app, has raised $50 million in its Series B+ funding round led by venture capital investor <a href="https://www.dealstreetasia.com/?s=Sequoia%20Capital">Sequoia Capital</a>, according to a <a href="https://www.chinamoneynetwork.com/2018/08/01/sequoia-leads-65m-series-b-round-in-used-goods-swap-app-xiangwushuo">CMN report</a>.
The funding round was joined by big-name investors, including <a href="https://www.dealstreetasia.com/?s=Hillhouse%20Capital">Hillhouse Capital</a>, <a href="https://www.dealstreetasia.com/?s=IDG%20Capital">IDG Capital</a>, GGV Capital, Matrix Partners, and ZhenFund.
The close of the latest funding round came three months after Xiangwushuo raised an undisclosed amount in its Series B round backed by Hillhouse Capital Group.
It also raised three previous rounds of financing from IDG Capital, GGV Capital and Zhen Fund. The specific amount raised in each round was not disclosed, but the total amount reached $45 million, according to a Chinese media report.
Xiangwushou was founded in 2017 to provide a venue for users to swap used items at no cost on a point redemption scheme. According to company data as of July, the number of its app users has exceeded 20 million, with daily active users exceeding one million.
The lead investor in the Series B+ funding round, Sequoia Capital, closed fundraising for the bulk of a new global investment vehicle, raising $6 billion and creating the largest US-based venture capital fund, Bloomberg reported earlier.
In coming months, Sequoia aims to close the round for the firm’s existing investors, bringing the fund’s total to $8 billion, one of the people interviewed by Bloomberg said. Venture funds have ballooned in size recently as startups increasingly delay going public, leading investors to commit capital at later stages to support the company and maintain their equity stakes.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/sequoia-china-nervos-102207/">Sequoia China backs $28m funding round of blockchain startup Nervos</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/chinese-homework-helper-app-zuoyebang-closes-150m-series-c-80323/">Chinese homework helper app Zuoyebang closes $150m series C</a>

The funding round was joined by big-name investors, including Hillhouse Capital, IDG Capital, GGV Capital, Matrix Partners, and ZhenFund.

Sequoia Capital leads $50m Series B+ in Chinese used goods app Xiangwushuo

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Sequoia Capital leads $50m Series B+ in Chinese used goods app Xiangwushuo

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief