Business Times, 10/08/11
Leo Chen, CEO of Chinese cosmetics vertical group buy site Jumei, recently revealed that the company now has over 2 mln registered users, with over 400,000 active users daily. The company's sales have grown from less than RMB 100,000 per month just after launch in March 2010 to a current level of RMB 2 mln per day, with daily sales during the peak month of August reaching as high as RMB 10 mln.
In March this year Jumei secured eight-digit US dollar funding from US venture capital firm Sequoia Capital, prior to which it received seed capital from angel investor Bob Xu (Xu Xiaoping).
Formerly known as Tuanmei, the company changed its name to Jumei in September 2010.