JD Capital, co-investors back China hair accessories maker
China’s JD Capital has invested RMB$60 million ($10 million) in a Series A round of funding for Cheeris, a Guangzhou-based hair accessories maker. The investment was made both from its renminbi and US dollar-denominated vehicles.
According to a statement, JD has brought in JD Olympus, a Hong Kong-registered subsidiary of its second US dollar fund - Jiuding China Growth Fund II - as co-investor.
The fund, which launched in January, reached a $150 million first close in March and is targeting a final close of $200 million. Disclosed investors include Singapore sovereign wealth fund, Allianz Group, Allstate Insurance, Partners Group and family office BMW.
Founded in 2007, Cheeris is owned by Guangzhou Qianqian Shi and produces hair accessories including hair clips and slides for women. The company has a network of more than 1,000 shops.
The new investment will be used to scale the business, including product innovation, brand building and network expansion. The retailer plans to open an additional 1,000 shops this year, selling accessories, cosmetics and skincare products.
The financing round attracted interest from 40 venture capital investors, such as IDG Capital Partners, Sequoia Capital, Shenzhen Fortune Venture Capital and TCL Ventures, the company said.
As of the end of October, JD Capital, formerly Jiuding Capital, had invested over 200 companies, of which 60 firms were listed or waiting for IPO approvals. Cheeries is JD's first investment after it won regulatory approval to list on New Third Board, a Chinese over-the-counter board, in April.
JD raised its first $120 million US dollar fund in 2010 from fund-of-funds, Temasek Holdings-owned Vertex Ventures, Allianz and BMW. Several LPs are said to have been motivated by co-investment opportunities.
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