Chinese social e-commerce platform Wanwu Xinxuan has raised US$20 million in a series B round of financing led by the country’s consumer sector-focused venture capital firm Fresh Capital, shows information updated on Chinese business data provider Tianyancha on Mondya
Returning investor Redpoint China Ventures also poured money in this round.
Launched in August 2018, Wanwu Xinxuan was formerly known as “Bon Bon”, an online retail platform selling children’s apparels, shoes and accessories. The company also helps young mothers to open their own “online boutique maternal store" on the platform.
The company has reached cooperation intentions with more than 4000 brands in 19 countries around the world, with over 40,000 stock keeping units (SKUs). Its monthly transaction volume has already broken RMB100 million (US$14.19 million), according to the company cited by Chinese tech-focused online publication 36Kr.
"We are optimistic about the trend of e-commerce socialization and commodity content development. Through the user generated content (UGC) community platform, Wanwu Xinxuan precipitates premium product content, empower shop owners to share and spread, deepen the supply chain and create more cost-effective products," said Xiao Xiao, partner of Fresh Capital.
Proceeds of this round will be used to upgrade the supply chain, deepen the empowerment of users and brands, and create a business closed loop.
The Beijing-based company raised a series A round from Morningside Venture Capital and Redpoint China Ventures in October 2018, with no financial details disclosed.