China-based video shopping platform Huajuan Mall recently closed a $40m series B round featuring corporate-backed investment fund Evolution Media China, 36kr reported yesterday.
Venture capital firm Sinovation Ventures led the round, which included Ventech China, Vertex Ventures and Zhiping Capital. Evolution Media Partners is a joint venture by talent agency CAA, media company Participant Media and private equity group TPG.
Founded in 2016, Huajuan Mall has built a video-based e-commerce platform that uses videos featuring celebrities and influencers to sell beauty and makeup products. It generates revenue through direct sales rather than advertising.
The platform has more than 1 million registered users, of which about 150,000 are active daily. The funding will be used to expand the range of products Huajuan offers, to develop a training guide for its video content producers and to expand its user base.
Huajuan raised $10m in series A funding from Evolution Media China, Ventech China and Vertex Ventures in April 2017, according to Tech in Asia. Huajuan said that it is now valued at more than RMB1bn ($150m) following the latest round.