Sina Tech, 1/18/11
Chinese members-only luxury goods B2C e-commerce site VIPStore has raised USD 10 mln in third-round funding. Investors in this round include GSR Ventures, Taishan Invest AG, Green Pine Capital Partners, and a Hong Kong financial group.
VIPStore CEO Allen Yang disclosed that the funds would be used to scale up the company's development, continue exercising its superior channels, strengthen management of its supply chain, and improve customer experience.
Editor's Note: For more background on this topic, please see "Membership-Based Shopping Site VIPStore Wins Funding" MD 6/23/10 issue.