E-commerce group Alibaba has provided $25m of series C funding for China-based interior decoration services platform Shengong007, China Money Network reported yesterday, citing local technology news platform 36Kr.
Also known as Shengong Zhongzhi Science & Technology, Shengong007 operates an online platform that allows users to buy home furnishings and source professionals for their installation, maintenance and renovation.
The company is present in more than 300 Chinese towns and cities. The funding will go to building out a chain of brick-and-mortar furniture stores it is establishing through a partnership with Alibaba’s Tmall Wuyougo offline retail brand.
Alibaba’s investment was made as part of a series of deals it has struck with a view to penetrating China’s offline retail space, including an $857m investment in furniture retail chain EasyHome in February this year.
Shengong007 had raised $10m in series A funding from Shunwei Capital and Morningside Venture Capital and $10m more in a series A-plus round featuring the same investors, before they returned for a $15m series B in May 2016, according to China Money Network.
