Supply chain services provider Hokbee has secured $25 million in a Series A round jointly led by MatrixPartners China and Cathay Capital, while 5Y Capital has led a nearly 100 million yuan ($15 million) round in the data-driven decision developer Youhualin.
Hokbee bags $25m Series A funding
Hokbee, a Hangzhou-based brand that provides supply chain services in home furniture and decoration, has announced the completion of a $25 million Series A round of financing led by MatrixPartners China. Existing investor Cathay Capital was the co-lead investor for the current round, it announced on Tuesday.
Cathay Capital, a Chinese cross-border PE firm, had, in November last year, made an undisclosed strategic investment in Hokbee.
The latest round also attracted new investors Sky9 Capital, a VC that targets China’s internet, enterprise, and deep technology, and early-stage focused K2 Angel Partners.
The brand claims that it will invest a large part of the proceeds to consolidate its supply chain capability, and to develop partnerships with dealers.
Incubated by Chinese home furniture e-commerce platform wzj.com in October 2020, Hokbee operates as an internet platform that helps retailers, traders, and manufacturers improve distributions.
Besides a competitive online presence, it also integrates brick-and-mortar channels by exclusive franchises. It has forage partnerships with over 100 offline stores, and in 2020 it generated an annual turnover of more than 400 million yuan ($62 million).
With the current round of financing, Hokbee has been incorporated into wzj.com, which is backed by GSR Ventures, Capital Today, and MSA Capital, among others.
5Y Capital invests in Youhualin
5Y Capital, formerly Morningside Venture Capital, on Tuesday, announced that it has led a new round of funding, worth nearly 100 million yuan ($15 million), in the data-driven decision developer Youhualin.
New investors including state-backed SAIC Capital’s FOF Hengxu Capital, technology innovation investment firm Before Capital, and Zhongnan Group’s investment arm Zhongnan Capital, participated in the funding round per a company statement.
Youhualin had closed a 30 million yuan ($4.6 million) Series A round funding from Qianhai FOF, Zhengxuan Investment, and fintech-focused Ally Capital in 2017.
The proceeds of the latest round are posed to be used to further develop its capabilities of technology, besides talent recruitment, operation, and optimization, intelligent data solutions and applications, business expansion.
With headquarters in Shanghai and divisions in Beijing, Shenzhen, and Chengdu, Youhualin has been engaged in helping China’s industries to achieve intelligent data transformations.
Based on AI, big data, and operational research, the startup delivers efficient data solutions and software products. In addition to the aviation sector, its business has expanded to logistics, retail, smart manufacturing, and supply chain.