China parenting site raises $24m from IDG, Banyan

The investment was made into Wuxiu E-Commerce, the owner and operator of BeiBei. The parent company also runs two other online retail platforms - Mizhe and Miquan. It received $10 million in Series A funding from IDG in 2011, the same year it was founded.

BeiBei works with more than 1,000 international maternity brands, including Bobdog, Balabala, Disney and HelloKitty. This is expected to incrase to 3,000 by the end of 2014. BeiBei is also looking to leverage Mizhe's user base: 60% of its 30 million users are females born in the 1980s and 1990s.

The new capital will be used primarily for product improvement, personnel development and brand building. "Safety is a critical element in the maternity market. It is very important to improve consumers' trust and confidence in order to expand our market share," said Lianglun Zhang, CEO of BeiBei, in a statement.

IDG's China affiliate was established in 1992 and has an aggregate of $6.8 billion in capital under management. Earlier this year, the firm reached a final close of $586 million on its latest China venture capital fund, which will make early-stage investments in the technology, media and telecom (TMT) sector.

Banyan Capital was created in January through the spin-out by members of IDG's China TMT team. The firm closed its debut fund at $206 million, with high net worth individuals - primarily the founders and CEOs of companies the team backed while at IDG - contributed more than half of the capital raised.

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• Topics
• Venture
• Early-stage
• Consumer
• Technology
• China
• Venture
• IDG Capital Partners
• Banyan Capital
• TMT
• Consumer