Sequoia Capital has led a US$60 million financing round in Wangzhu Group, an e-commerce platform for the construction material and home decoration sector in China, according to announcements made at a press conference in Hangzhou, Zhejiang province.
E-house Capital, the investment arm of New York Stock Exchange-listed real estate services firm E-House (China) Holdings Limited, also participated in the round.
As part of the transaction, Liu Xing, a partner at Sequoia Capital, will join the board of directors at Wangzhu Group.
Wangzhu Group is a newly formed entity comprised of Greentown E-Commerce, the e-commerce arm of Chinese property developer Greentown China Holdings Limited, and two other entities named Wuniu E-commerce and Qianjinding.
Greentown E-commerce, Wuniu E-commerce, and Qianjinding will each focus on the business-to-business (B2B), business-to-consumer (B2C), and Internet finance sectors of the Chinese real estate sector to provide a one-stop solution platform for Chinese construction firms and individual homeowners.
Mi Jiandong, former chairman of Greentown E-commerce, has been appointed as CEO and chairman of Wangzhu Group.