DGgate.com, the marketplace for wholesalers outside of China to buy made-in-China goods, announced it has raised more than 100 million yuan (US$16mn) in Series D from ChinaGrowthCapital and TDF Capital.
The site was founded by Wang Shutong in 2004, shortly after Joyo.com, where Ms. Wang had served as CEO since 2000, had been acquired by Amazon (Joyo would become Amazon China). Before this round of financing, DGgate had raised more than US$40 million by 2010.
There are 1.2 million registered Chinese businesses, 5.5 million buyers in 224 countries and regions, and 25 million items on the platform, according to DHgate. There’s an order made every three seconds, the company says.
The new funding will be used for expansion in growing markets such as Russia and South America, mobile service development, and R&D. The company has built a team dedicated to mobile and will build a R&D team in Silicon Valley, says CEO.