US-based cross-border e-commerce platform Yamibuy secured $10m in a series A round featuring private educational service provider New Oriental Education and Technology Group on Monday.
Venture capital firm GGV Capital led the round, which included fellow VC firm K2VC. The series A round is the company’s first institutional funding.
Founded in 2013, Yamibuy operates an e-commerce platform that sells specialist consumer goods from Asia to customers situated in North America.
The company claims the platform has more than 500,000 registered customers, and it offers a product range of about 15,000 items spanning food, beauty and healthcare, domestic appliances and books. It will use the funding to improve logistics and expand in North America.
Alex Zhou, founder and chief executive of Yamibuy, said: “For the past four years, Yamibuy steadily increased its market share and brand presence within the Asian American community, without the help of any capital investment.
“With this first infusion of institutional funds, Yamibuy will be able to better serve its customers, bring in more products and improve the overall customer experience. All of this ultimately supports our mission of serving Chinese Americans, as well as customers from other parts of Asia.”