Five months after the completion of $88.3 million, Nice Tuan, a Chinese community e-commerce platform also known as Shihuituan, has secured another $81.4 million in a Series C1 round of financing led by global venture capital firm GGV Capital.
Shanghai-based venture capital firm Qiming Venture Partners, Chinese boutique investment bank Cygnus Equity, and INCE Capital Partners, a venture capital firm co-founded by former Qiming partner JP Gan in late 2019, participated in the investment, said the startup in a WeChat post on May 30.
Joy Capital, the backer of China’s scandal-ridden Luckin Coffee, also invested in the Series C1 round.
Before the new round, Beijing-based Nice Tuan has collected over $100 million in total financing, as per the post. The previous round, which was revealed in January 2020, was a transaction of $88.3 million from a host of local investors such as Alibaba, Beijing-based angel fund ZhenFund, and venture capital firm China Growth Capital.
Qiming Venture Partners, Joy Capital, and INCE Capital also poured money into the January deal. GGV Capital told DealStreetAsia that the Series C1 round is separate from the January investment, which means that the investors re-upped investment into the startup within six months.
Founded in April 2018, Nice Tuan provides fresh produce, beverage, skincare products, leisure food and daily supplies through a namesake WeChat mini-program to community customers.
Nice Tuan said that its gross merchandise volume (GMV), a metric used in the e-commerce sector to measure transaction volumes, exceeded 650 million yuan ($91 million) in April 2020 with the number of daily orders reaching 1.6 million at the peak.
Proceeds of the new round will be used to build nationwide storage and warehousing centres, to enhance the supply chain, and to further lift the company operations and user experience.
The startup had secured 100 million yuan ($14 million) in an angel round from ZhenFund, Qiming Venture Partners, and Joy Capital in August 2018.