China-based e-commerce company Jiemi has secured an undisclosed amount of series A funding from IDG Ventures, a corporate venturing subsidiary of technology research and media corporation International Data Group, Tech in Asia reported yesterday.
The amount invested by IDG amounts to “several millions of US dollars.” Founded in 2014, Jiemi enables customers to purchase goods from across the world at a discount.
Sellers, once verified, take photos of local goods and post them on the marketplace where other users can then purchase them.
Jiemi aims to tap into the growing Chinese ex-pat population by selling discounted foreign products to the home market using a Chinese language platform. Wealth among China-based shoppers is increasing but trust in locally produced goods remains low, opening the door for international imports.
The company will use the series A funding to attract more sellers, and aims to reach 10,000 sellers across 100 countries by the end of this year.