Ping An Ventures leads $200m round for China’s Mogujie
Ping An Ventures, a VC arm under Ping An Insurance, has led a Series D round worth $200 million for Mogujie.com, a Chinese social networking and shopping platform.
Chinese consumer-focused GP Tiantu Capital also participated. The new capital has been earmarked for product development. It will also work closely with Ping An Group, sharing data and jointly developing online payment and other financial services, the company told TechNode.
Founded in 2011, Mogujie is described as a Chinese version of Pinterest. It targets female consumers, selling clothing and accessories via its web platform and mobile app. The start-up has attracted 130 million registered users since inception and has about 10 million daily active users.
Earlier this year, Mogujie said it intended to launch a range of personal finance products in collaboration with Ping An Bank and mutual fund provider Penghua Fund.
Mogujie received an undisclosed seed round from Bertelsmann Asia Investments and Ameba Capital in 2011 and then raised two rounds from Qiming Venture Partners and IDG Capital Partners the following year. Last year, it received a $200 million round led by Hopu Investments and Trusbridge Partners, at a reported valuation of $1 billion. Banyan Capital, Qiming and IDG also participated.
In August, the online shopping platform led a $30 million investment in Taoshiji, a cross-border consumer-to-consumer (C2C) mobile retail app, alongside early-stage internet and mobile investor Source Code Capital.
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