VIPStore.com, Chinese online retailer of luxury goods announced raising a new round of tens of millions dollars led by Intel Capital with other participants including GSR Ventures, Taishan Invest AG, Litian Investment and HGI Capital. The funding will go towards boosting global supply chain system and user experience, according to Yang Peifeng, CEO of the Beijing-based company.
Yang refused to tell the exact funding amount for this round.
Bo Junquan, Investment Director of Intel Capital said that the venture fund will back up VIPStore to its initial public offering.
Founded in late 2009, VIPStore now claims 2 million registered users with monthly sales of over RMB 10 million (US$ 1.5 million), but still in loss.
One of its investors said that “We can make profit anytime we want now, but we choose to make large investment for rapid growth.”
VIPStore Funding Track Record
Jan. 2010 Series A $ 1M Taishan Invest AG
June. 2010 Series B US$ tens of millions led by Green Pine Capital Partners, with Chinese Founders Fund participating
Jan. 2011 Series C US$ tens of millions led by GSR Ventures, with Taishan Invest AG, Green Pine Capital participating
Sept. 2011 Series D US$ tens of millions led by Intel Capital, with GSR Ventures, Taishan Invest AG, Litian Investment and HGI Capital