Shunwei Capital has led a 55 million yuan ($8.2 million) Series B funding round for wholesale women clothing company Yishou, according to a LinkedIn post by the VC firm.
Shunwei Capital had earlier participated in Yishou’s Series A financing in October 2017.
Matrix Partners China and Huaxing Growth Capital, the private equity arm of China Renaissance, also participated in the round.
Established in 2014, Yishou currently caters to about 3.9 million women’s clothing stores in China. The majority of its clientele is physical stores, while it also covers mid- to high-end online stores.
Yishou allows shop owners to place orders on its platform and then deliver on behalf of them within the wholesale market. It claims to currently maintain more than 10,000 SKUs per day and update 2,000 SKUs daily.
The company’s monthly sales have increased to above 100 million yuan in December 2018 from 8 million yuan in December 2016. It expects the growth rate would expand by about three times in 2019.
Shunwei Capital late last year raised its fourth USD-dominated fund at $1.21 billion, bringing its total managed capital to nearly $3 billion across USD funds. The firm also manages 2 billion yuan in two RMB-dominated funds.
Shunwei Capital was co-founded by Xiaomi founder Jun Lei in 2011. Its management team comprises industry veterans who have invested in more than 200 startups, it says on its website.