Childcare E-commerce Site 'Miyabaobei' Secures USD 60 Mln Series C
Tech Web, 12/15/14
Beijing Huawang Online Commerce, operator of maternity and childcare e-commerce site Miyabaobei.com, has secured USD 60 mln Series C funding led by H Capital, with participation from Huawang's Series B investors Sequoia Capital and ZhenFund.
According to company founder and CEO Liu Nan, the funds will be used to upgrade the company's global supply chain and to improve customer experience.
Miyabaobei first launched in 2011 as a store on Alibaba Group's (NYSE: BABA) C2C e-commerce site Taobao. In 2013, the company received investment from ZhenFund and China Renaissance K2 Ventures. In July 2014, Huawang closed USD 20 mln Series B funding led by Sequoia Capital with participation from both ZhenFund and China Renaissance.
Miyayabaobei boasts over 1 mln users, with gross merchandise volume (GMV) for October exceeding RMB 100 mln. 75% of the site's October sales came from mobile devices, and 70% were from existing customers. The average order price per user on the site is RMB 400, and over 50% of users come from first-tier Chinese cities.
Editor's Note: For more background on this topic, please see "Childcare E-Commerce Site Miyabaobei Lands USD 20 Mln Series B" MD 7/21/14 issue.
Keywords: VC Liu Nan e-commerce Internet funding Sequoia Capital China Renaissance K2 Ventures ZhenFund Miyabaobei Huawang H Capital online childcare third-round proportion from mobile
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