E-commerce group Alibaba’s Electronic World Trade Platform has led a RMB400m ($59.5m) series C round for China-based imported goods marketplace KK Guan, China Money Network reported yesterday.
Investment firm Hongtai Capital Holdings and venture capital firms Matrix Partners China, Bright Venture Capital and Shenzhen Capital Group also contributed to the round, which had closed by the end of 2018 according to China Money Network.
KK Guan runs an e-commerce platform that allows users to buy imported products such as snacks and make-up through a combination of brick and mortar stores, a mobile app and a dedicated portal on messaging app WeChat.
The company’s service is currently live in more than 100 offline stores in China and it plans to expand that number to 400 this year. It will also use the capital to bolster its supply chain and expand its roster of imported products.
Matrix Partners China led a $10.4m series B round for KK Guan in April 2018 that added to $14.8m in series A funding the company received from Bright Venture Capital and Shenzhen Capital Group in July 2017.
Electronic World Trade Platform took part in the latest round through EWTP Technology and Innovation Fund, a $600m investment vehicle backed by Alibaba and its financial services affiliate Ant Financial.
Photo courtesy of KK Guan.