China-based luxury goods retailer Secoo has secured $100m in a series D round featuring IDG Capital Partners, the Chinese venture capital subsidiary of publishing company IDG, Technode reported yesterday.
Private equity firm CMC Capital Partners led the equity portion of the round. Venture capital firm Ventech China, Crehol Meaningful Capital, which acts as an investment vehicle for the Mulliez Family, and private equity unit Vangoo Capital Partners also participated, while Silicon Valley Bank provided an eight-figure credit line.
Founded in 2008 as an online retailer, Secoo now sells luxury products both online and in brick-and-mortar shops in Beijing, Shanghai, Chengdu, Hong Kong and Tokyo.
Secoo previously raised $30m in a May 2012 round backed by IDG Capital Partners, Ventech, Crehol and Bertelsmann Asia Investments, a subsidiary of media conglomerate Berteslmann, and $10m from a 2010 series A round featuring IDG.
The company will invest the money in improving its local services and continuing to expand overseas, according to chief executive Li Rixue.