AAA Rakuten catches Black Fish in $50m round

Rakuten catches Black Fish in $50m round

China-based e-commerce platform Black Fish raised $50m today in a series A-plus round co-led by Rakuten Ventures, the corporate venturing arm of e-commerce company Rakuten, according to China Money Network.

Rakuten co-led the round with Lightspeed Venture Partners, China Growth Capital and AlphaX Partners Fund, while Nanjing Fullshare Industrial Holding Group, an investment holding subsidiary of conglomerate Fullshare Group, also took part.

Lightspeed China Partners, Morningside Venture Capital, Gobi Partners and Jafco Asia filled out the round’s participants.

Founded in 2017, Black Fish operates a membership-based service that offers users discounts at partner stores and online travel agencies through group purchasing.

The company also provides financial services such as instalment loans and consumer financing, and it will spend the funding on research and product development and the introduction of improved benefits for members.

Black Fish previously secured $145m in a January 2018 series A round that featured Lightspeed China Partners, Gobi Partners, Morningside Venture Capital, Jafco Asia, Fullcent Capital and angel investor Zhang Tao.

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