Aikucun, a China-based fashion e-commerce platform backed by conglomerate Legend Holdings, has raised $110m in a series B-plus round backed by several venture capital firms, China Money Network reported today.
The series B-plus funding was provided by Sinovation Ventures, GGV Capital, Zhongyuan Capital and BA Capital.
Founded in 2017, Aikucun operates a sales distribution platform that enables fashion brands to sell excess inventory on social media app WeChat through more than 200,000 third-party sales professionals. The service has attracted more than 3,000 brands to date.
The listings are not publicly searchable so that companies do not lose out on their primary sales. Aikucun handles the entire logistics process, from product photography to after-sale services.
Legend Capital, the venture capital firm formed by Legend Holdings, led Aikucun’s $87.5m series B round in July this year, which included state-owned diversified holding company Xiamen C&D Corp and Eastern Bell Venture Capital, the VC firm that led its $15.5m series A six months earlier.
