China-based e-commerce marketplace Plum has confirmed it has raised $20m in a series B-plus round co-led by human resources firm Recruit.
Private equity firm Siguler Guff co-led the round, which included venture capital firms Matrix Partners China, Qiming Ventures and Unity Ventures. The amount, in addition to most of the investors, had been reported by 36Kr recently.
Founded in 2015, Plum has built an online platform that enables users to purchase and liquidate second-hand luxury items including fashion products and jewellery. The funding will support brand building, technology development and the widening of its product offering.
The company has received approximately $60m in financing so far, having secured $20m in series B funding from Matrix Partners China, Unity Ventures, Qiming Ventures, K2 Venture Capital and IDG Capital in August 2018.
Plum’s founder and chief executive, Wei Xu, said: “The Chinese pre-owned and re-used commerce market has hit a really interesting inflection point, making this an exciting time to scale our platform.”
