Tosharing, a Chinese cross-border social e-commerce platform, has raised nearly RMB100 million (US$14.88 million) in a series A round of financing, bringing its valuation to almost RMB600 million (US$89.26 million), shows information updated on Chinese business data provider Tianyancha on Wednesday.
Investors of this round include the alumni fund of China Europe International Business School (CEIBS) and Zhang Lijun, vice president of Tencent. Returning investors Innoangel Fund and PowerCloud Venture Capital also poured money into the new round.
Tosharing is a social e-commerce platform established by Shanghai-based Cheez Group after its three-year cross-border e-commerce experience. The company owns another two online shopping websites in South Asia, with the total gross merchandise volume (GMV) exceeded RMB200 million (US$29.75 million) in 2018.
The Chinese domestic version of Tosharing will be officially launched in May, mainly providing e-commerce channels to customers in five- and six-tier cities in China.
Proceeds of this round will be used for the research and development of products and technologies, integration of supply chain and strategic layout of market channels.
The company raised several millions of yuan in an angel round from Innoangel Fund and PowerCloud Venture Capital in 2016.