Sina Tech, 3/03/11
Chen Tenghua, founder of home textiles B2C e-commerce website Uya100.com, has revealed that the company has completed first-round funding, securing USD 10 mln from venture capital firms IDG and Doll Capital Management (DCM). Chen said the majority of this round of funding will go toward staff recruitment, category optimization and product development.
Uya100, which launched about 2 months ago, mainly deals in sales of its own Toscaso brand of home textiles, in addition to bed and bath textile products from other brands.
In response to questions why the company has chosen B2C home textiles, Chen said the market is worth between RMB 700-800 bln annually.
Editor's Note: For more background on this topic, please see "Chinese Textiles B2C E-Commerce Site Completes Funding" MD 1/26/10 issue.