Second-hand luxury commodity services platform Panghu Luxury has raised 175 million yuan ($25 million) co-led by Fortune Capital and INCE Capital, while Shunwei Capital has led ‘millions of US dollars’ in equity management company Inssent.
Luxury retail platform Panghu nets $25m in Series B round
Second-hand luxury commodity services platform Panghu Luxury on Tuesday announced it has raised 175 million yuan ($25 million) in its Series B round of financing, jointly led by Fortune Capital and INCE Capital.
The fresh round also saw the participation of BeFor Capital, which focuses on tech and new consumption-led industries. Shanghai-based investment firm Function Capital was the financial advisor of the deal.
Established in 2015, Panghu is a retail platform for used luxury items such as bags, watches, shoes, and clothes. It integrates its business-to-business (B2B) centered online channel and brick-and-mortar stores in over 10 cities to provide a selection of services including trading, value assessment, maintenance, recycling, lease and auction. Its stock-keeping units exceed 40,000.
Panghu generated approximately 600 million yuan ($85 million) in annual revenue and gross merchandise volume of over 1 billion yuan ($141 million) in 2019, the company said in a statement.
Prior to the latest round of funding, Panghu had closed its Series A and angel rounds from Triniti Capital, 1989 Capital, Yizan Capital and TusStar.
According to a report by McKinsey & Company, the consumption of luxury goods in China is expected to reach 1.2 trillion yuan ($169 billion) by 2025.
Shunwei backs Inssent in pre-Series A round
Beijing-headquartered equity management company Inssent has garnered ‘millions of US dollars’ in its pre-Series A round led by Shunwei Capital, according to a company statement on Tuesday.
Its returning investor Source Code Capital also joined the latest round. Source Code had poured ‘millions of US dollars’ in Inssent’s angel round in 2018.
The company, which was set up in 2017 by the co-founder Yiran Huang, is a digital asset management platform, offering equity solutions such as share incentive plans for enterprises. In addition, it has rolled out a novel software-as-a-service (SaaS) application to help companies spruce up management efficiency.
It claims to have served nearly 1,000 clients, which include Tencent-backed beverage internet platform Yijiupi, art education brand Meishubao and industrial trading platform Zhenkunhang, Alibaba-backed second-hand items recycling platform Huishoubao.
Inssent will allocate the proceeds to launch more advanced services.
Going forward, Inssent said it aims to extend business in traditional industries. Additionally, the Beijing-based Inssent plans to establish offices in East and Southeast China.
Shunwei Capital, an investment vehicle of Chinese smart electronics giant Xiaomi Corporation, focuses on internet and high-tech driven companies in and out of China. In 2018, Shunwei had raised $1.21 billion to invest in India.