Tencent Tech, 1/28/11
Chinese B2C cosmetics e-tailer PBA.cn recently received an undisclosed amount in funding from angel investor Mike Cai.
PBA, launched in June 2004, is operated by Xiamen-based Private Beauty Adviser Network Technology Co., Ltd., which set up a "Global PBA R&D Center" in Xiamen to partner with domestic and international universities and research centers to jointly develop skin-care products ideally suited to the needs of Chinese people.
PBA president Su Guiqiang said that his company began talks with Mike Cai in late December, reaching an investment agreement in less than a month. Funds have already been paid into PBA's accounts, Su said.
Su said that PBA would use the funds to overhaul the company's website, expand its server farms, and increase staffing on its systems R&D team. He added that the company would continue to seek funding.