China-based furniture supplier Zaozuo has raised $20m in a series B round led by Bertelsmann Asia Investments (BAI), a corporate venturing subsidiary of media group Bertelsmann, China Money Network reported today.
Venture capital group IDG Capital also participated in the round, as did VC firms Morningside Venture Capital and Vision Plus Capital, seed-stage VC fund Zhen Fund and Tiger Cub Funds, according to local media.
Founded in 2014, Zaozuo works with Northern European designers to create modern furniture items such as sofas, armchairs, tables, beds and lamps, similar to those produced by Ikea that it sells online.
The company delivers products to 158 Chinese cities from its online site, but it will use part of the funding to expand a fledgling brick-and-mortar retail operation that currently only consists of two retail stores in Beijing and Shanghai.
BAI led the round as an existing investor, having previously taken part in a $15m series A round for Zaozuo that also featured all the other series B investors bar Tiger Cub Funds, China Money Network reported, adding that the date of the series A has not been disclosed.
– Image courtesy of Zaozuo