China-based e-commerce platform Jollychic has raised a nine-figure dollar sum from investors including Legend Capital, the venture capital firm sponsored by conglomerate Legend Holdings, China Money Network reported on Monday.
VC firm Sequoia Capital led the series C round, which values Jollychic at $1bn, through its growth fund. Legend Capital’s participation was revealed through its WeChat account.
Jollychic runs an online platform with 35 million registered users that sells China-sourced clothing, accessories, shoes, lingerie and home products to an international customer base that spans 34 countries, though it is particularly strong in the Middle East.
Legend Capital had previously taken part in the company’s $31.5m series B round in 2016, investing together with garment manufacturers Zhejiang Furun and Stage Group, according to China Money Network.
Chen Hao, managing director of Legend Capital, said: “Jollychic has years of cross-border e-commerce experience and it seized the dual opportunities of mobile boom in the emerging market and China’s foreign trade going online.
“In a few years after the firm was founded, it has become an e-commerce leader in the Middle East.”