Conglomerate Fosun Group led a RMB3bn ($450m) funding round for China-based baby and parenting information and e-commerce platform Babytree in July this year, China Money Network reported today.
Education services provider Tal Education Group also participated in the round, which was confirmed by Babytree yesterday but closed in July this year, as did venture capital firm Matrix Partners, Chenshan Capital, China Merchants Wealth and undisclosed additional investors.
Founded in 2007, Babytree began life as a social web portal for new mothers but has evolved into a service that allows parents to blog and post photos and videos, as well as access answers to parenting issues and buy baby and children’s products.
Fosun, which owns the China’s United Family hospital chain as well as dental and maternity units, and insurance and education offerings as part of its diversified business, plans to lend its expertise to Babytree to help it become a more expansive family services provider.
Matrix Partners invested $10m in Babytree in 2008 before Tal Education added $23.5m in funding in 2014. Beauty e-commerce company Jumei supplied the company with $120m in convertible note financing in July 2015 along with a $130m revolving credit facility.