Funding to Accelerate Growth Opportunities, Further Cement Yamibuy's Position as the Leading E-commerce Destination for Asian Americans
BEIJING, July 10, 2017 /PRNewswire/ -- Yamibuy -- the industry's leading e-commerce site for Americans to purchase the best Asian snacks, beauty products, health supplements and home appliances -- today announced a $10M Series A funding round led by GGV Capital, with participation from New Oriental Education & Technology Group, Inc. (NYSE: EDU) and K2VC.
Yamibuy today announced a $10M Series A funding, (Left to Right) iHeima Genwang Wang, GGV Capital managing partner Hans Tung, Yamibuy founder and CEO Alex Zhou, K2VC managing partner Shiyu Wang, and New Oriental general manager of investment business department Zheng Zhao were joined at Sofitel Wanda Beijing Hotel in Beijing, China.
The investment -- the company's first round of institutional funding -- was announced at a July 10th press conference at Sofitel Wanda Beijing Hotel in Beijing, China. Yamibuy founder and CEO Alex Zhou was joined by GGV Capital managing partner Hans Tung, New Oriental general manager of investment business department Zheng Zhao and K2VC managing partner Shiyu Wang.
"For the past four years, Yamibuy steadily increased its market share and brand presence within the Asian American community, without the help of any capital investment," said Alex Zhou, founder & CEO of Yamibuy. "With this first infusion of institutional funds, Yamibuy will be able to better serve its customers, bring in more products and improve the overall customer experience. All of this ultimately supports our mission of serving Chinese Americans, as well as customers from other parts of Asia."
Founded in 2013 on the idea that Asian Americans should have easier access to the Asian products they are familiar with and trust, Yamibuy has a deep understanding of its customers' behavior, particularly their online shopping and consumption habits. The company built a highly targeted e-commerce platform to serve this growing customer base, and the investors in this Series A investment announced today share an enthusiastic view of Yamibuy's potential.
"Yamibuy is about the strength of global ecommerce and finding the comforts of home no matter where in the world you are. The loyalty of Yamibuy customers is impressive, thanks in large part to the talented international team who understands their Chinese and Chinese American millennial customers," said Hans Tung, managing partner, GGV Capital and Yamibuy board member.
The purchasing power of Asian Americans is increasing rapidly, and Yamibuy is capitalizing on this market's collective desire to shop for Asian goods that are typically hard to find in the United States. The company has more than a half million registered customers, and a catalogue of approximately 15,000 products. The investment announced today is expected to accelerate growth of Yamibuy's customer base, and broaden its product portfolio.
Zheng Zhao, general manager of investment business department at New Oriental, added, "Yamibuy's growing customer base, mature supply chain and reduced procurement costs are core competencies that have enabled the company's impressive growth over the past four years. We believe these strengths, coupled with Yamibuy's accurate grasp and application of customer data, position the company very well for future growth. We are optimistic about Yamibuy's expansion, especially in light of increased residency of Asian students in the United States, as well as immigration from Asia as people come to live and work in the US."
"Yamibuy assembled an e-commerce dream team in both China and the US. We believe that the user loyalty and stickiness Yamibuy accumulated the past four years cannot be overvalued," said Shiyu Wang, managing partner at K2VC. "We hope this funding will help Yamibuy further optimize its supply chain to better serve the Asian community overseas."
For more information and to shop Yamibuy's extensive catalogue of Asian goods, visit http://www.yamibuy.com.
Yamibuy was established in March 2013 and is headquartered in City of Industry, California. It became the leading e-commerce site in North America for Asian Americans by offering thousands of the best Asian snacks, beauty products, health supplements and home appliances. Yamibuy offers the best variety of products favored by the Asian community. Additionally, the company delivers a premium online shopping experience and top-rated customer service. Yamibuy offers more than 15,000 products and its registered customer base of 510,000 is growing by the day, and one out of every 10 Chinese Americans makes Yamibuy their top choice for online shopping. For more information and to shop at Yamibuy, visit http://www.yamibuy.com.
About GGV Capital
GGV Capital is a venture capital firm founded in 2000 with the unique idea of having one team investing in both the U.S. and China. With $3.8 billion under management across eight funds, the GGV portfolio includes Airbnb, Alibaba, AlienVault, BitSight, Ctrip, Didi Chuxing, Domo, Grab, Hashicorp, Houzz, Nimble Storage, Opendoor, Pactera, Pandora Media, Percolate, Slack, Square, Synack, Wish, Youku Tudou, YY, Zendesk, 51credit and more. For more information, visit http://www.ggvc.com.
About New Oriental Education & Technology Group
New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental offers a wide range of educational programs, services and products consisting primarily of English and other foreign language training, test preparation courses for major admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education. New Oriental's ADSs, each of which represents one common share, currently trade on the New York Stock Exchange under the symbol "EDU." For more information about New Oriental, please visit http://www.neworiental.org/english/ .
K2VC is a venture capital firm founded in 2010 and headquartered in Beijing, China. K2VC strives to enable rapid changes in China and is experienced in investing in transaction-related businesses, such as e-commerce and fintech, as well as on-demand services. K2VC focuses on early-stage investment. Its portfolio includes Jumei(NYSE:JMEI), Mia, Fenqile, Zhaogang.com, Moji weather, Youyuan, all of which are leading players in their domains since K2VC's early-stage investment.
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