China-based luxury goods retailer Secoo closed a $55m series E round led by Ping An Ventures, the corporate venturing arm of insurance company Ping An Insurance, on Tuesday.
Other investors in the round have not been disclosed. Founded in 2011, Secoo originally operated an e-commerce business but now also sells its luxury products in physical stores across several Chinese cities including Beijing, Hong Kong and Tokyo.
Secco intends to use the series E funding to expand its products and services offering, as well as to support marketing efforts and continued growth.
IDG Capital Partners, a venture capital affiliate of media company International Data Group, was among the investors in Secoo’s $100m series D round, led by CMC Capital Partners in July 2014.
The equity portion of the series D round also included Ventech China, Crehol Meaningful Capital and Vangoo Capital Partners, while Silicon Valley Bank provided an eight-figure sum in debt financing. IDG, Vangoo, Ventech and Crehol had already provided $10m for the company’s 2013 series C.
IDG and Bertelsmann Asia Investments, a subsidiary of media conglomerate Bertelsmann, Ventech and Crehol participated in a $30m round closed by Secoo in 2012, after IDG had backed its $10m series A round in 2011.
Richard Rixue Li, founder, chairman and chief executive of Secoo, said: “This successful round of financing will enable us to fuel our products innovation and continue growing our platform.
“We are excited to have the backing of an excellent group of strategic investors including Ping An who share our vision for a connected world as we look to expand our presence and advance our rapid growth.”