Ant Financial Leads Series A3 Funding of Men's Online Customized Outfitter Champzee
36Kr.com, 9/25/18
Hangzhou-based Chuiyi Network Technology, operator of subscription men's apparel service "Champzee," recently completed Series A3 funding led by Ant Financial, the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), with participation from China Broadband Capital's Chenshan Fund. The specific funding amount was not disclosed. Champzee previously completed Series A2 funding led by Sky9 Capital and nearly USD 10 mln in Series A1 funding in December 2017. Total Series A funding is nearly USD 30 mln, according to a team member.
Champzee has already formed a strategic partnership with Ant Financial's credit rating service, Sesame Credit, whereby users with a Sesame Credit rating of at least 650 points only need to pay a RMB 99 deposit to become a member.
Champzee currently has nearly 200,000 active users.
Editor's Note: Champzee offers subscription-based clothing solutions. Users pay a RMB 299 membership fee and provide information regarding their preferences and body type to have a professional stylist prepare and send personalized boxes of items for them to review and purchase. After the consumer receives the package, they can try on items and purchase any that they wish to buy. The platform provides free returns service for those items that the user does not wish to purchase. Champzee operates through a public account on Tencent's (0700.HK) WeChat mobile messaging app. For more information on this topic, please see Men's Online Customized Outfitter Champzee Raises USD 10 Mln Series A, MD 12/21/17 issue.
Keywords: m-commerce M&A VC funding wireless Series A Alibaba Group China Broadband Capital BABA Chenshan Chuiyi Champzee Ant Financial Group
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