Joy Capital leads $105m round for China’s Shopex
Joy Capital, a Chinese VC firm that spun out from Legend Capital, has led a RMB700 ($105 million) Series D round for Shanghai ShopEx Network Technology, an e-commerce software and services provider.
In addition to existing shareholder participation, new investors including K2VC, New Alliance Capital, Tianxing Capital, Gopher Asset Management, and China Broadband Capital also took part in the round.
Shanghai-based Shopex has been in business for almost 15 years in China. It develops software systems, payment channels, and supply chain services through integrating third-party resources for e-commerce merchants. At present, it serves more than three million Chinese enterprises from 23 sectors, including Lenovo, Midea and Belle International, processing about 3.8 million in daily orders.
Shopex previously received Series A funding in 2010 from Legend, followed by a Series B round from Bertelsmann Asia Investments, Legend, and Lenovo Capital. In 2012, it raised further funding from Alibaba Group. With the fresh funding, Shopex will adjust its corporate strategy to address consumer upgrades in China, providing technologies and services to new retail businesses.
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