China-based e-commerce startup Haoyiku has secured a nine-figure amount (RMB100m = $15m) in a series B round led by internet group Tencent, China Money Network reported on Tuesday.
The round also featured venture capital firm K2VC, investment group Vision Capital and IDG Capital, the VC group that led a $15m series A round for Haoyiku last month, according to China Money Network.
Founded in December 2017, Haoyiku runs an e-commerce platform that partners with consumer brands, particularly apparel producers, forging links between them and e-commerce retailers that can sell on their excess inventory.
The online merchants generally target customers in third to fifth-tier Chinese cities and sell the items through Tencent’s messaging platform, WeChat.
Individual WeChat members can also strike deals that involve them selling items to family and friends through personal groups. Haoyiku also supplies online and offline distribution software to its corporate clients.
News of the round follows an $87.5m series A round closed by another China-based company with a similar business model, Aikucun, earlier this month.