Mobile Video Shopping App Huajuan Secures USD 40 Mln Series B
36Kr.com, 10/17/17
Beijing-based Huajuan Technology, operator of mobile video shopping app Huajuan, recently announced completion of USD 40 mln in Series B funding led by Sinovation Ventures with participation by prior-round investors Evolution Media China (EMC), Ventech China, and Vertex Ventures, as well as new investor Zhiping Capital. Huajuan said that its valuation now exceeds RMB 1 bln.
Han Hui, CEO of Huajuan Technology, said that funds will mainly be used for three purposes. First, the company plans to expand its range of product types and add more product SKUs. Approximately 80% of products on the platform are currently related to beauty and cosmetics, and its remaining products include imported alcoholic beverages and healthcare products. Second, Huajuan will help to train and guide content for video broadcasters. Third, the platform will expand its user base and video distribution channels.
Huajuan uses live and recorded video content broadcast by key opinion leaders on major social media platforms to reach customers and encourage them to use the Huajuan app, where it offers products sourced through its own supply chain. Huajuan develops and trains junior broadcasters to help them broadcast their content to a wider audience and gain recognition. Han Hui said that the platform currently derives most of its income from sales of self-operated products and that it is not reliant on advertising.
Huajuan has approximately 1,700 product SKUs, including products from local Chinese brands, niche brands from Japan and Korea, and new products. The platform generally selects several products and creates introductory videos to help users make a purchasing decision.
Huajuan has more than 1 mln registered users and approximately 150,000 daily average users.
Editor's Note: Huajuan, founded in 2016, offers beauty courses in a short-video format, and its self-developed interactive video technology matches e-commerce shopping links to the products mentioned in videos. For more information on this topic, please see Mobile Video Shopping App Huajuan Raises USD 8-digit Funding, MD 4/21/17 issue.
Keywords: VC m-commerce funding valuation wireless EMC Series B Ventech Vertex Han Hui Zhiping Capital Sinovation video shopping Huajuan
Sending
