GGV leads $10m round for Asian snacks business
GGV Capital has led a $10 million Series A funding round for Yamibuy, a US-based e-commerce player focused on Asian snacks, beauty products, health supplements and home appliances.
Beijing-based and New York-listed New Oriental Education and Technology as well as Chinese venture firm K2VC also participated in the investment. The capital will be used to accelerate growth of the company’s customer base and broaden its product portfolio.
"Yamibuy is about the strength of global e-commerce and finding the comforts of home no matter where in the world you are,” Hans Tung, managing partner at GGV, said in a statement. “The loyalty of Yamibuy customers is impressive, thanks in large part to the talented international team who understands their Chinese and Chinese American millennial customers.”
Founded in 2013, Yamibuy targets Asian Americans with growing disposable income with access to Asian products that are typically hard to find in the US. The company has 500,000 registered customers and a catalogue of about 15,000 products. It claims that one out of every 10 Chinese Americans makes Yamibuy their first choice for online shopping.
Chinese investment in US technology has gathered pace over the past five years, peaking at nearly $10 billion in 2015, according to CB Insights. However, activity slowed last year, reaching $3.8 billion as of November, due to Chinese currency controls and weaker sentiment in the US tech space.
GGV specializes in US-China cross-border technology investments and claims about $3.8 billion in assets under management. Its latest VC fund, GGV Capital VI, closed last April at $1.2 billion.
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