China-based shopping recommendation platform operator Fenxiang Life has completed a series A round sized at tens of millions of dollars that was led by consumer electronics manufacturer Xiaomi.
The round included Toutou Shidao Fund and returning investor DCM Ventures, the latter having taken part in a pre-series A round for the company in July 2019 that was sized in the eight-digit dollar range, according to 36Kr.
Founded in 2018, Fengxiang runs a supply chain-to-business-to-consumer social marketplace that enables consumers to come up with guides for fellow shoppers. Participants can earn coupons and other discounts in exchange for their recommendations.
The company had logged more than $300m of gross merchandise volume in the year it launched its service. The cash will go toward accelerating its business operations, expanding its service, recruiting talent and improving its big data and supply chain capabilities.
