China-based e-commerce software provider Shopline has raised $20m from Joyy, the social media platform formerly known as YY, Business Next has reported.
The corporate invested directly and through Engage Capital, a venture capital fund incubated by Joyy that focuses on early-stage investments in the education, entertainment and consumer sectors.
Founded in 2013, Shopline owns an online platform that enables vendors to create e-commerce businesses, providing support in areas such as product listing, payments, logistics and marketing.
Shopline CEO Tony Wong said the funding will be used for talent acquisition and the expansion of its business into the Southeast Asian market, especially in Malaysia and Vietnam. It is also set to open an office in Singapore which will oversee the activity in the region.
Joyy’s livestreamed e-commerce platform, Zhibogou, is in discussions with Shopline about a possible strategic partnership.
The company had raised approximately $1.2m in seed funding from 500 Startups, Ardent Capital, Coent Venture Partners, East Ventures and SXE Ventures in 2014, before collecting an undisclosed amount from e-commerce firm Alibaba’s Hong Kong Entrepreneurs Fund two years later.
