Following its completion of RMB 20 mln in first-round funding in April this year, Chinese wine and spirits B2C e-commerce site Jiuxian.com announced yesterday that it has successfully obtained a greater sum in second-round funding led by Sequoia Capital and Oriental Fortune Capital. Jiuxian said the funds will be put toward completion of projects to construct warehousing and logistics facilities in every provincial capital in China.
Jiuxian CEO Hao Hongfeng said that the funds have been received, and that representatives from the two venture capital firms will soon be appointed to the company's board of directors. Hao said that Sequoia and Oriental Fortune will be given equal share holdings in Jiuxian and although an exact figure was not given, the founders of the site will remain its majority stockholders.
Editor's Note: For more information on this topic, please see "Jiuxian to Raise USD 50 Mln in Second-Round Funding," MD 8/12/11 issue.