IDG, Banyan Capital Participate In $24.3M Round For Beibei.Com

Hangzhou city, Zhejiang province-based maternal and infant supplies e-commerce portal Beibei.com has received RMB150 million (US$24.3 million) series A financing from its parent company Hangzhou-based Husor E-Business Co., Ltd., according to Chinese media reports.

IDG Capital and Banyan Capital also participated in the round.

The proceeds will be used for business expansions and brand-building.

Founded in 2014, Beibei.com is a maternal and infant product e-commerce platform, offering everyday discount sales of children’s clothes, shoes, toys and other supplies. Beibei’s founding team are mainly composed of former Alibaba employees.

Venture investors have been betting big on China’s maternity and baby sector lately.

Another Hangzhou-based baby supplies e-commerce platform Lamahui.com also received RMB90 million (US$14.6 million) series A financing from SAIF Partners, DT Capital and TRVC this week.

Last month, Shenzhen-based mommy communication platform Lmbang received US$20 million series B financing from Greenwoods Asset Management Limited, Morningside Ventures, Matrix Partners and K2 Ventures.

In addition, Fujian province-based 61bbw.com, another similar portal, also reportedly received tens of million RMB series A financing.

In May, Beijing-based diaper and baby formula e-commerce platform Miyabaobei.com received US$20 million series B financing led by Sequoia Capital.