Alibaba Invests $15M In US Luxury E-Commerce Firm 1stdibs

Hangzhou-based Chinese e-commerce company the Alibaba Group has invested US$15 million in series C funding in U.S. luxury e-commerce firm 1stdibs, according to media reports.

An Alibaba spokesperson confirmed the investment, but did not specify further details of the transaction.

The New York-based 1stdibs previously raised US$117 million from Benchmark Capital, Index Ventures and Spark Capital.

Alibaba is expected to help 1stdibs to expand in China.

"The 1stdibs team is exactly the kind of entrepreneurs we love to support: a great vision and strong sense of mission for their company," the Alibaba Group spokesperson says in an email.

Founded in 2001, 1stdibs is a marketplace with over 1,500 international dealers bringing costumers antiques, vintage furniture and design, fine art, estate jewelry, vintage couture and fine homes.

China Expert network
 
China Expert network

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