Winenice, Chinese B2C vertical focusing on wine as well as other liquors reportedly announced yesterday raising Series B round of financing without disclosing any details on the deal.
The funding would go towards ramping up customer experience across the board and would also be used to build retail experience center nationwide, according to Lv Yide, CEO of the company.
Founded in 2008, Winenice is the first of its kind. It raised about RMB 80 million in the first round. The company’s turnover in this year is expected to be RMB 300 million, a 100% growth over last year’s RMB 150 million.
China has replaced Japan as the largest Asian drinker in 2009, and according to a stats by China Customs, the total import value of wine to China increased 70% in 2010.
YesMyWine and Jiuxian, two of the major competitors of Winenice all raised new rounds despite economic downturn as investors catch a whiff of the opportunities behind Chinese consumers’ growing interests on fine wines and the shifts from offline purchase to online buy.