China-based e-commerce company Whale Network collected $100m on Sunday in a series C round that included internet group Tencent.
Venture capital firm Sky9 Capital led the round, which also featured IDG Capital, Qiming Venture Partners, K2VC and Vision Plus Capital.
Founded in 2017 and also known by the name of its flagship offering, Haoyiku, Whale Network operates an e-commerce platform that targets consumers in small and mid-size Chinese cities.
The company has developed four distinct offerings: Haoyiku, which focuses on excess inventory, social commerce portal Shuaishuaibaobao and group buying platforms Wantuan and Shuaishuaituan.
Whale Network will put the cash into expansion efforts across smaller cities. The money will also enable it to bolster its livestreaming and social commerce capabilities.
Qiming Venture Partners had already provided tens of millions of US dollars for the company in a November 2018 series B-plus round, after Tencent had led a nine-figure renminbi (RMB100m = $15m) series B round in July 2018 that included K2VC, Vision Plus Capital and IDG Capital.
IDG Capital had already led a $15m series A round for Whale Network in February 2018, after K2VC and Vision Plus Capital had supplied $7m in angel funding the previous year.
