E-commerce group Alibaba led a $100m series D round for KK Group, the China-based cross-border retailer previously known as KK Guan, yesterday through its Electronic World Trade Platform (EWTP)’s Technology and Innovation Fund.
Matrix Partners China and Heizao Capital also participated in the round, which valued KK Group at more than $1bn. EWTP was set up by Alibaba founder Jack Ma to promote trade and the fund is backed by Alibaba and its financial services affiliate, Ant Financial.
Founded in 2014, KK Group operates an online-to-offline marketplace that specialises in imported merchandise such as snacks, skincare and cosmetics. In addition to its e-commerce operation, the company also owns brick-and-mortar stores in more than 70 cities.
The company maintains KK Guan as its core brand but has now also launched homeware-focused brand KKV and The Colorist, which concentrates on cosmetics, targeting consumers aged between 14 and 35.
The series D funding has been allocated to promoting KK’s multi-brand approach and bolstering its international supply chain. It also plans to develop a social commerce offering.
KK secured $59.5m in a late 2018 series C round that was also led by EWTP and backed by Hongtai Capital Holdings, Matrix Partners China, Bright Venture Capital and Shenzhen Capital Group.
Matrix Partners China had already led the company’s $10.4m series B round in April 2018, after Bright Venture Capital and Shenzhen Capital had injected $14.8m in series A funding the previous year.
Image courtesy of KK Group
