Chinese early-stage VC firm Sinovation Ventures has led a $40 million Series B funding round in online video and m-commerce platform Huajuan Mall, according to a report by China Money Network. The round was joined by return backers Evolution Media China (EMC), Ventech China and Vertex Ventures and new investor Zhiping Capital.
Huajuan plans to use the new funds to expand the range of products available, improve content. and increase user base and distribution channels.
Huajuan’s platform allows users to shop beauty and cosmetics, alcoholic beverages, healthcare products, and more. Its application, which uses short videos from influencers to advertise products, has more than 1 million registered users and about 150,000 daily average users.
Sinovation focuses its investment on companies in China and the US, backing startups at seed, Series A and Series B stages. Started in 2009 by former Google executive Kai-Fu Lee, it now has a presence in Beijing, Shanghai, Shenzhen, and Silicon Valley.
The firm currently manages an estimated $1.3 billion assets under management, and over 300 portfolio companies across the tech spectrum.
Meanwhile, Ventech China focuses on funding early-stage IT, life sciences, mobile tech, and e-commerce companies. It is part of Ventech Capital, a European VC fund founded in France in 1998. In China, Ventech manages three funds.
Its current portfolio companies include Keep, the No.1 fitness training and community app in China, WonderFull, the emerging Japanese product M-commerce platform, Juzi, the leading entertainment news platform, Datawin, the leading big data company in sales leads generation, and Blued, the leading gay community app in China.