China: Legend Capital leads inventory distribution startup Aikucun’s $87m Series B

Women's fashion. Photo by Unsplash

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.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.