IDG Capital Partners, the local corporate venturing affiliate of data business International Data Group, has backed a RMB300m ($45m) series C round for China-based mobile e-commerce company Daling, China Money Network reported today.
The round was led by an unnamed China-based renminbi-denominated fund and also included private equity firm Capital Today and venture capital firm Sequoia Capital.
Daling has created a range of mobile apps that let users purchase products from overseas, and primarily targets a young demographic. The regulations around cross-border trade were changed by the Chinese government in April 2016 with the goal of reducing such imports.
The money will support Daling’s efforts to improve user experience, develop additional products, boost marketing efforts and reduce the percentage of cross-border e-commerce in order to comply with government regulations.
Daling raised an undisclosed amount in a 2014 series B round led by Capital Today that included IDG Capital Partners and Sequoia Capital. IDG previously also provided an undisclosed amount in series A funding.