Disney’s Steamboat Ventures has reportedly invested in a $50m fundraising by Chinese luxury goods company Shangpin.com.
China-based venture capital firm Chengwei Capital was "the major investor" in the latest round which also included China-based venture capital firm Morningside Group and Steamboat, which is affiliated to US-based entertainment business the Walt Disney Company, according to news provider Zero2IPO.
Steamboat and Morningside invested in the company’s $10m series B last year, backing Shangpin.com’s members only model of sales, through which it supplies luxury brands such as Burberry (pictured) and Gucci.
At the time of the Series B Jennifer Yan, senior principal of Steamboat Ventures, said: "Steamboat Ventures believes membership-only private sales are a type of "Social Commerce" and the convergence of new media and e-commerce is a business model with huge development potential."
The company also raised a series A round of an undisclosed size in 2009 from Morningside and angel investor Lei Jun, according to Zero2IPO.