China-based men’s fashion company Magmode has raised almost $10m in funding from a consortium that featured technology research firm International Data Group’s IDG Capital affiliate, according to China Money Network.
The round was led by Ventech China and further included Sinovation Ventures and China Growth Capital.
Magmode currently operates three men’s fashion stores in Beijing and hopes to open additional locations in other cities across China. The company also offers a mobile app that aggregates international fashion trends and concepts.
IDG Capital and China Growth Capital were listed as existing shareholders, though details about their previous involvement have not been revealed.
Eric Huet, managing partner at Ventech China, said: “MagMode incubates multiple new brands and can better serve China’s rising middle-class and young consumers as they seek differentiated products.”