Textile and clothing producer Youngor Group has led a RMB200m ($29.2m) series B-plus round for China-based retail marketing technology developer Shopal, China Money Network has reported.
Cross-border investment platform Cathay Capital Private Equity also participated in the round, having co-led a series B round of undisclosed size for the company in May 2018 with Lianjie Capital.
Shopal’s core product is an app that helps brick-and-mortar retailers interact with their customers over social media and provide personalised recommendations, but the company has expanded into a more diversified consulting services provider for luxury brands.
The funding will be used to accelerate commercialisation of Shopal’s own luxury brand, Bonnie & Clyde. Its earlier investors include SOSV’s Chinaccelerator, Integral Investment Group and DL Capitals.
