Qiming Venture Partners has led a US$50 million series B round in The Good Stuff, a community-based e-commerce platform.
Joy Capital, Zhen Fund, K2VC, Welight Capital and Gongqingcheng Jiateng Investment also participated in the round, according to The Good Stuff’s announcement.
Proceeds of this round will be used for supply chain development and expanding its operation in more cities.
Founded in 2014, the Beijing-based start up’s target consumers are mothers. It offers products ranging from fresh produce, to snacks, to cookware and cosmetics. In the first half of this year, its monthly gross merchandise volume reached RMB80 million (US$12 million).
The company ‘s shopping guides discover good-quality products and expand its stock keeping unit (SKU). Their users earn commission and discounted products from the platform by recommending goods to their friends and families.
In January, it raised US$20 million financing from Joy Capital. Previously, it raised an angel round from Zhen Fund and a series A round from China Growth Capital.