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SBCVC, New Horizon lead $119m round for China fashion site

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SBCVC and New Horizon Capital have led a RMB1 billion ($119 million) Series C round for Chuchujie, a Chinese mobile e-commerce platform.

Shenzhen-based Stone VC and Eastern Bell Venture Capital also participated.

Founded in 2011, Chuchujie started as a shopping guide platform that provided information on deals - priced at RMB9.90 or below - across various Chinese e-commerce platforms. It then changed strategy to sell clothing directly through its platform, including through limited-time flash sales.

The company claims more than one million downloads and 30 million active monthly users. It facilitated RMB5 billion in transactions last year.

Chuchujie raised a Series A round from Tencent Holdings in 2013, and a Series B round from Legend Capital, GGV Capital and Hejun Capital in 2014. Tencent also re-upped in the round. The fresh capital will be used for technology development, recruitment and overseas expansion, Jinjie Lu, Chuchujie's chairman, told local media.

While China's e-commerce industry in consolidation mode - for example, earlier this year VC-backed Mogujie agreed to take control of rival Meilishuo - certain niche strategies continue to attract capital. This week Farfetch, which focuses on selling high-end boutique designer products, got $110 million to expand in China and other Asian markets.

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