Home Decoration Site To8to Completes USD 200 Mln Series C
DoNews, 3/12/15
Shenzhen-based Binxun Technology, operator of home decoration B2C online shopping directory and services platform To8to.com, announced yesterday that it has completed USD 200 mln Series C funding from Chinese online classifieds site 58.com (NYSE: WUBA), Sequoia Capital, Matrix Partners, and other investors. 58.com previously revealed that its investment in To8to.com would amount to USD 34 mln. With this round of funding, To8to.com will most likely develop O2O chains for smart home appliances and partnering manufacturers of building supplies for home decoration. To8to.com completed a RMB 9-digit Series B round in 2014.
Tu8tu.com currently has outlets in more than 100 cities and has provided service to over 6 mln customers. There are 60,000 home improvement companies and 600,000 interior designers housed on the platform.
According to an industry report previously published by the China Building Decoration Association, the Chinese home building supplies market reached RMB 3.724 trln in 2013 and was on track to reach RMB 4.071 trln in 2014 if the market maintained its relatively fast growth rate.
Editor's Note: For more information on 58.com's investment in To8to, please see "58.com Acquires Minority Stake in Interior Decoration Service Platform To8to," MD 3/09/15 issue. For more information on To8to's Series B Funding, please see "Home Decoration Site To8to Lands RMB 9-Digit Series B," MD 2/18/14 issue.
Keywords: VC market size Internet funding 58.com B2C Matrix Partners Sequoia Capital WUBA O2O To8to Binxun M&A third-round online shopping directory home improvement interior design
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