Roseonly, a China-based online flower and gift retailer backed by internet company Tencent, has secured $29m in series C funding from investors including venture capital firm Yuansheng Capital, China Money Network reported yesterday.
Yuansheng, which was formed last year by Richard Peng Zhijian, formerly head of mergers and acquisitions for Tencent, was joined in the round by two undisclosed Chinese investors.
Roseonly runs a service that enables users to order expensive flowers and other luxury goods such as chocolates, which can be delivered or collectd from one of its physical stores.
The company has expanded from a single store in Beijing in 2014 to 25 spread across Beijing, Shanghai, Guangzhou and Shenzhen.It intends to open between five and 10 additional stores in 2016, with the series C cash to go to market expansion.
The round comes after Roseonly raised close to $10m from IDG Capital Partners, the Chinese VC affiliate of media firm International Data Group, and VC firm Accel Partners in mid-2014. Tencent had provided an undisclosed amount of series A funding the year before.
– Image courtesy of Roseonly