CMC Leads $100M Series D For Secoo


Beijing-based second-hand luxury products distributor and maintenance service provider Secoo Holding Limited has completed US$100 million series D financing, according to a company announcement.

The round is led by China Media Capital. Existing investors IDG Capital, Ventech China, Crehol China, Vangoo Investment Partners also participated.

Previously, Secoo received US$10 million series A from IDG Capital in 2010. It received US$30 million series B financing from IDG Capital, Ventech China, Vangoo Investment Partners, Crehol China and Bertelsmann Asia Investments in 2012.

Last year, the company received tens of millions U.S. dollar series C from IDG Capital, Ventech China, Vangoo Investment Partners and Crehol China.

Secoo says it will use the proceeds from the latest round on overseas expansion.

Chinese consumers spend RMB350 billion (US$56 billion) annually on luxury products, of which two thirds are purchased overseas, according to a research report from Bain & Company.

Founded in 2008, Secoo provides both online and offline services to Chinese luxury products consumers. It operates three stores in Beijing, Shanghai and Chengdu.

 

 
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