Netease Tech, 6/01/11
Zhu Qigong, CEO of Chinese online sporting goods retailer K121.com, recently disclosed the company has sought to obtain between USD 20-30 mln in second-round funding, which it expects to have completed by September this year at the earliest. The previous round was led by digital marketing firm Acquity Group, which, with the addition of 2-3 VCs, will also take part in the current round. Zhu declined to comment on the scale of first-round funding.
K121 was founded by Zhu following his departure last year from Chinese B2C baby care and maternity products site Redbaby. According to Zhu, K121 currently has approximately RMB 15 mln in sales each month, and has a team of approximately 120 which processes 3,000 orders daily.
Zhu explained that funds will be invested in marketing, improvement of product categories, talent recruitment, system upgrades, and storage capacity expansion.
Editor's Note: For more information on this topic, please see "Online Sportswear Retailer K121 Lands Funding" MD 11/26/10 issue.