Cathay Capital leads $15m round for China’s Magmode
Magmode, a China-based men’s fashion start-up, has raised $15 million in the second tranche of a Series B round led by Cathay Capital Private Equity. Existing investor Sinovation Ventures also participated.
The extension follows a RMB50 million ($7.5 million) initial Series B round led by IDG Capital in May. Last year, Magmode secured approximately $10 million in a Series A round led by Ventech China, with participation from Sinovation, China Growth Capital, and IDG.
Magmode was founded by a group of Chinese fashion magazine editors. The company incubates new men's fashion brands that target young Chinese consumers seeking differentiated products.
The company opened a multi-brand store last year in Sanlitun, an upscale commercial district in Beijing, selling apparel and accessories from three contracted designers. It has opened a total of 12 retail stores in China and operates a mobile app featuring international fashion trends and concepts.
Magmode plans to use the new capital to open more multi-brand stores and attract additional designers. At present, three brands incubated by the company have gone on to open their own single-brand stores.
The investment was made from Cathay’s debut venture capital fund, which closed at $320 million last month. Managed by Cathay’s VC affiliate Cathay Innovation, the fund plans to invest 20-25 technology companies in China, Europe and the US.
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