Shanghai-based inventory distribution startup Aikucun has raised an $87-million Series B round led by Legend Capital and joined by Eastern Bell Venture Capital as well as C&D Corp Ltd, the startup said in an announcement.
The round follows a $15-million Series A closed this January. The fresh capital raised will be used for team expansion, research and development, as well as expanding its services, Aikucun said.
Launched in 2017, Aikucun is an online distribution platform that connects fashion brands with online shoppers. The startup claims that its gross merchandise volume has reached $450 million and has partnered with more than 100,000 shopping agents. It aims to grow its shopping agent base to a million by end of this year.
“WeChat’s ecosystem has brought a lot of new business opportunities. Aikucun has captured the real market needs to help brands reduce their inventories, and share profits with online shoppers and provide customers with good-quality goods with low prices,” said Legend Capital executive director Tony Wang.
Aikucun’s founder Wang Min said: “This financing round has not only boosted our financials but also introduced the resources and partners needed for our company’s development.
“We have the collective experience in the fashion industry, the S2B2C (supply chain to businesses to consumers) model and the logistics supply. We will work with the team to solve the industry’s pain points and create value.”