Others who participated in the round include Chinese investment firms Kunlun Fund, ZhenFund, and Frees Fund. The proceeds from the latest fundraising will be used to help the company improve its logistics and customer services.
Founded in 2014, Zhejiang-based Club Factory enables users to shop directly from factories around the world to benefit from a better price and better service. Consumers can buy anything from clothing and accessories to gadgets on its platform. Today, it offers its services in several countries around the world.
Founded in 1993, IDG Capital has made over 600 investments in companies in China and around the world. Most recently, it joined SoftBank Vision Fund and SBI Group in jointly providing $2.2 billion in private placement financing to three subsidiaries of Ping An Insurance. It also co-led a $348-million Series B funding round in Chinese electric car startup Xiaopeng Motors.
China-focused Bertelsmann Asia Investments is backed by media, services and education company Bertelsmann. It focuses on new media, internet and mobile internet, online education, new technologies, outsourcing and services sectors. It owns stakes in 70 startups, according to its website. Four of its portfolio companies conducted IPOs last year – premium lifestyle platform Secoo (Nasdaq), online and financial services provider Yixin Group (Hong Kong Stock Exchange), fintech company Lexin and digital marketing platform iClick (both on Nasdaq).