China-based online health and beauty product retailer IDS BuyBuyBuy has closed a $40m series B-plus round featuring trading firm Susquehanna International Group (SIG), WWD reported on Tuesday.
Private equity firm Orchid Asia Group led the round, which also featured venture capital firm Lightspeed China Partners. SIG participated through investment vehicle SIG Asia.
Founded in 2017, IDS operates an e-commerce platform that curates a selection of cosmetics and health products that it highlights through messaging platform WeChat.
The company was founded by Hugo Yu, formerly executive editor of the Chinese edition of fashion magazine Harper’s Bazaar.
Joan Ren Jianqiong, partner at SIG Asia, said: “In the past 24 months, IDS BuyBuyBuy has extended its business areas from skin care to energy management, stress management, hormone management and other categories.
“It clearly demonstrates that the team maintains accurate prediction and strategic evolution abilities on seeking industrial opportunities, creating growth path and managing the lifetime value of [high net worth) consumers.”
The series B-plus funding will be channelled into expanding IDS’s international team and supply chain capabilities, in addition to strengthening its professional partnerships and locating more European brands it can sell through its platform.
SIG had previously led the company’s series B round which followed a series A led by Lightspeed China, according to WWD, though it did not provide details on how much it raised or when.
