Itugo, a social shopping platform that focused on the sale of female branded products, reportedly received eight-digit dollars of Series A funding from Matrix Partners, Incapital and National Foundation under Chinese Academy of Science. The company has received Pre-A round financing from a Zhejiang-based fund last November. [Update]: Itugo has confirmed the news with TechNode today.
Launched in July 2012, the Hangzhou-based startup helps female users to buy clothes or accessories while they browse through the Internet. It also provides female consumers a platform to share their shopping experiences. Different from other social shopping sites like Mogujie, Itugo only sells branded products.
The site now claimed more than 15 million users and cooperates with over 10K female cloth brands. After two years of development, Itugo has more than 80 employees with core team members once worked at Alibaba, local portal platform 19lou or Zhejiang Daily Media Group.
According to the company, the proceeds will be used to develop In, a social picture sharing app for girls. After logging in with either Sina Weibo or QQ accounts, In users can add various tags, like brands, location, interests, cutie virtual pasters or any comments to the pictures and share them with friends.
Itugo rolled out In three months ago to capitalize on the rise of mobile trend. The app has recorded more than 2 million active users as of present, according to data released by the company.
image credit: Itugo