An unnamed Chinese RMB fund has led a RMB300 million (US$45 million) series C round of financing in Beijing-based mobile e-commerce firm Daling, with participation from existing investors Capital Today, IDG Capital and Sequoia Capital, says Chinese media reports.
The round follows a series B financing round led by Capital Today the company completed in December 2014.
Launched several months before the Capital Today-led round, Daling’s mobile apps focus on bringing authentic and popular products from overseas to young Chinese consumers.
In April, China implemented new regulations to restrict the so-called cross-border e-commerce firms, most of which profited from evasion of the country’s high import taxes.
With the latest financing, Daling plans to expand its product lines and marketing efforts to improve user experience and lower the percentage of cross-border e-commerce.
Daling, which has invited Chinese celebrities to promote its platform, raised an undisclosed series A round from IDG before its official launch.