China-based community e-commerce platform Linlinyi has collected $30m in a series A round that included consumer electronics retailer Suning, China Money Network reported on Tuesday, citing an official statement on QQ.
Suning invested through an undisclosed fund and was joined by private equity firm Capital Today, which led the round, and venture capital firms Source Code, Gaorong Capital and Sequoia Capital China, while Mumian Capital was financial adviser.
Founded in 2018, Linlinyi runs an online platform that supplies household consumer goods such as fruits, snacks, grains and fresh produce in almost 20 Chinese cities through a community buying model that enables neighbours to club together to access discounted prices.
Capital from the series A round will be used to enhance the company’s supply chain and purchasing system while expanding its service into more cities and regions across the country.
Linlinyi had previously received $10m in an October 2018 round that was co-led by Source Code Capital and Gaorong Capital and backed by Sequoia Capital China, which was described by China Money Network as an existing investor, though the company implied this week it has now raised $100m across three rounds.
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