Sina Tech, 11/14/11
Beijing-based B2C e-commerce gift platform Weili Liye Technology (VGift.com.cn) revealed it has obtained RMB 1 mln in VC funding from the Haowangjiao Qihang E-Commerce Fund. The funds will be used for brand creation and improvements of VGift's customized gift services.
VGift went online this October but remains in closed beta testing pending its public launch scheduled for November 21. Currently operated by a team of 60, VGift expects to have more than 100 employees by the end of 2011.
On November 12, VGift also received angel funding from Yan Zhifeng, founder of Chinese TV advertising agency China Century Dragon Media (CCDM) (NYSE: CDM), who said he is optimistic about the B2C gift market, but declined to reveal the exact extent of his investment or stake in the company.
VGift allows individual and corporate users to compile lists of products to be sent as gifts. Shipping is free within China and VGift clients currently include Netease (Nasdaq: NTES), Vanke, Skyworth Digital Holdings (0751.HK) and Shanghai Pudong Development Bank.