Vancl, the leading online B2C e-commerce site selling men’s shirts, women’s and children’s clothing, shoes and other accessories just closed its 5th round fund-raising, $100millions. The Chinese report says now the company’s valuation is over $1billions. This round is led by CEYUAN Venture together with its earlier investor IDGVC, SAIF Partners and Tiger Funds. The funding will be mainly used for marketing, logistics etc.
Led by Chen Nian, a founding member of Joyo, Vancl is now the market leader of Chinese B2C service which took around 31.3% of B2C market in 2009 according to Zero2IPO report. Chen Nian told the public earlier this year, Vancl’s revenue is expected rmb 2billions (~$300million) in 2010.
Chen Nian understands the e-commerce market and is also very good at marketing strategy. Vancl’s advertisement is already a bit overwhelming and almost everywhere (on portal sites, on display at bus stop etc).
As we reported yesterday, Chinese Online Retailers are Ready to Take off. This could be the last round before Vancl goes IPO.