Online retail group JD.com has led a $300m funding round for China-based cross-border e-commerce platform KK Group at a $3bn valuation, 36Kr reported today.
Citic Securities, CMC Capital Partners, Harvest Fund Management, Hongtai Capital, Ince Capital and New Horizon Capital filled out the round according to 36Kr, which contacted KK Group to verify the deal but has not received confirmation.
Founded in 2014, KK Group has built an e-commerce platform which sells snacks, fashion and lifestyle-focused goods. It runs warehouses in countries including Australia, Japan, South Korea, the UK and the United States, and owns franchise stores across China.
Asset manager CMC Capital Group led the company’s $142m series E round in July 2020, investing alongside Aplus Capital, BA Capital, CMC Capital, Hongtai Capital and Ince Capital.
KK had raised $100m in a late 2019 series D round led by e-commerce group Alibaba’s Electronic World Trade Platform (EWTP) through its Technology and Innovation Fund at a valuation exceeding $1bn, with Heizao Capital and Matrix Partners China also participating.
EWTP also led a $59.5m series C round for KK in 2018 that included Bright Venture Capital, Hongtai Capital Holdings, Matrix Partners China and Shenzhen Capital Group.
Matrix Partners China had led the company’s $10.4m series B round earlier the same year. It followed $14.8m in series A funding from Bright Venture Capital and Shenzhen Capital in 2017.
