China-based copper goods retailer Tongshifu has received RMB310m ($45.2m) in series B funding from investors including Xiaomi Ventures, the corporate venturing arm of consumer electronics producer Xiaomi, China Money Network reported today.
Private equity firm Cathay Capital led the round, which also featured investment firm GX Capital, venture capital firm Shunwei Capital and Yunmu Capital.
Tongshifu produces decorative items made from copper as well as other metals such as brass, selling them through its online platform, and a key area part of its customer base is Buddhists who order religiously symbolic items.
The funding will be used to scale up production and recruit additional executives as Tongshifu looks to leverage relationships with Xiaomi affiliates in order to increase sales. It generated about $36m in revenue in 2017 and expects that to increase to $87m in 2018.
The company had previously raised about $16m in a 2017 series A round that included Xiaomi Ventures and Shunwei Capital, according to China Money Network.
– Image courtesy of Tongshifu.