Beijing-based Yanzhi Youwu Technology, developer of apparel cross-border m-commerce app Look, has completed USD 22 mln in Series A funding, jointly led by Granite Global Ventures and Fengshion Capital, with participation from Ceyuan Ventures, Buttonwood Capital Management, and Zhengcheng Capital.
Look will assist upper and mid-level key opinion leaders (KOL) to use the e-commerce platform format for content monetization. Popular bloggers will be responsible for content, while Look will provide back-end e-commerce functionality (supporting H5 and applets). In addition, Look will provide pre-sale and after-sale services.
Once Look is positioned with upper level KOLs, it will begin expanding to mid-level accounts. Currently, Look has partnerships with 500 official accounts on Tencent's (0700.HK) WeChat mobile messaging app. In terms of blogging content, Look has also begun branching out from fashion life to beauty, dining, romance, and lifestyle. Average per customer order has also decreased from RMB 2,000 in the early stages to about RMB 600-800.
Look will also offer an agency operation model to some mid-level accounts, which only need to provide the portal, and Look's team will handle all the specifics of content generation and product matching.
Editor's Note: For more information on this topic, please see Apparel Cross-border M-commerce App 'Look' Raises RMB 30 Mln Pre-A Funding, MD 6/15/17 issue.