Sina Tech, 12/05/11
Chen Nian, CEO of Chinese B2C clothing website Vancl, announced on December 3 that it was now in receipt of the USD 230 mln in cash from a sixth round of funding secured 5 months ago.
The funds, Chen said, will mainly be invested in 28 warehousing facilities Vancl operates throughout China, as well as expanded online advertising. Chen added that continued funding isn't critical at this stage in the company's development, and that more concern lies with expanding current operations and raising the number of customers who make repeat purchases.
Editor's Note: For more information on this topic, please see "Vancl Raises USD 100 Mln in Fifth-Round Funding," MD 12/01/10 issue.