Miqi.cn, a group buying vertical focusing on cosmetics has just announced raising RMB tens of millions ($1.5m) in Series A from DT Capital Partners and is on track to raise Series B round of funding. Ma Qiang, founder and CEO of Miqi said that the funding would be used to strengthen the company’s branding, customer service and beef up the team.
The cosmetic vertical just completed RMB tens of millions in angel round in April of this year.
With the help of DT Capital Partners, Miqi.cn will consolidate and restructure its online assets and business with SkinStore China, the Chinese subsidiary of American online cosmetic retailer SkinStore and have access to the latter’s branding and distribution channel, while Miqi has already teamed up with both offline retailers like Sephora and Sasa and cosmetic brands like Estee Lauder, Clinique and Elizabeth Arden.
Jumei.com, one of the closest competitor to Miqi has raised US$ tens of millions from Sequoia in this March.
China is the third largest cosmetic market in the world with sales of over RMB100b ($15b) in last year.