China Business News, 11/23/07
Yesterday, Beijing Redbaby Information Technology CEO Xu Peixin confirmed that the company has landed a USD 25 mln investment from KPCB China during Q3 2007. This is the third investment Redbaby has received following USD 2.5 mln and USD 3 mln investments from NEA and Northern Light Venture Capital in November 2005 and November 2006, respectively.
He also disclosed that next year the company will begin preparatory work for listing overseas. Reportedly, the USD 25 mln from KPCB China accounts for no more than a 20% stake. The funds will be used mainly to expand Redbaby's national and overseas markets, including establishing branch offices, an overseas customer base, and a complete IT infrastructure.
Redbaby, established in June 2004, sells online infant goods and has a total of over 6,000 suppliers. Earlier the company projected that this year its sales might reach RMB 1 bln and users reach 3 mln.