Chinese cross-border e-commerce site Ymatou has landed US$100 million of Series B financing led by Sailing Capital International, the investment arm of Shanghai International Group, according to an internal letter (via NetEase) from company CEO Zeng Bibo. This is so far the largest investment in China’s booming overseas shopping sector.
The firm has received RMB5 million (US$799,000) of angel investment in 2010 and US$10 million of Series A funding in 2013.
Launched in 2009, Ymatou is a C2C and M2C e-commerce marketplace principally engaged in cross-border commerce and specialist sales for high quality overseas franchises. The site claimed more than 1 million users and more than 10,000 daily orders, according to Mydrivers. It has set up offices in Shanghai, New York, Los Angles and San Francisco.
To facilitate more convenient and secure shopping experiences, Ymatou has set up an independent logistics company xLobo Global Express to provide delivery and customs clearance with ten logistics centers across the U.S., Australia, Asia, and Europe. As a third-party platform, xLobo also provides services to other e-commerce platforms such as JD.
Metao, a major startup competitor of the company, has secured US$30 million of Series B funding last year. Moreover, domestic internet companies led by e-commerce giants like Alibaba and JD are flocking into this sector.
Editing by Mike Cormack (@bucketoftongues)