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Miqi Obtains Eight-Figure RMB Angel Funding

Tencent Tech, 4/13/11

Beijing-based cosmetics vertical group buy site Mici.cn, operated by Beijing Meili Youpin E-commerce Co., Ltd., recently obtained angel investment funding in the tens of millions of RMB. According to Miqi CEO Ma Qiang, the funds will be used towards inventory expansion, acquisitions, and recruiting. The company has already begun a recruitment drive, and plans to acquire 2-3 competitors' websites this year.

Miqi positions itself as an online vendor of high-end brand-name cosmetics. Founded in November 2010, the website offers daily group buy discount deals.

Figures released by Miqi show as of April 2011, over 500,000 items had been sold on the site to date, while registered users had reached 450,000. Over the past four months, the site has seen a daily average of 2,000 orders, with single-day order volume peaking at 5,700. Monthly sales revenue for the company is in the tens of millions of RMB.

Keywords: Miqi Ma Qiang e-commerce Internet funding revenue registered users M&A group buying

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