Plum, the China-based operator of an e-commerce platform focusing on second-hand luxury items, has raised $20m in series B-plus funding from investors including human resources firm Recruit, 36Kr has reported.
Venture capital firms Matrix Partners China, Qiming Ventures and Unity Ventures also participated in the round.
Founded in 2017, Plum runs an online platform where users can buy or sell luxury goods such as fashion items or jewellery. It allows sellers to opt for a quick sale at a reduced price, should they need to raise money quickly.
The company claims to have grown its user base fivefold in the past six months and intends to use the new funding to strengthen its services and expand its brand. It also plans to increase the number of items it processes to about 100,000 per month, with the help of a new processing centre.
Plum reportedly received $20m in a series B round featuring Matrix Partners China, Qiming Venture Partners, Unity Ventures, IDG Capital and K2VC in August 2018.
Sinovation Ventures provided an undisclosed amount of seed capital for Plum in 2016, before Unity Ventures and Infinity Ventures co-led a $10m pre-series A round in June 2017, and Matrix Partners China, IDG Capital and K2VC took part in a series A of undisclosed size in September 2017, according to Yicai Global.
