China’s Club Factory raises $100m Series C
Club Factory, a China-based e-commerce platform that sells fashion products overseas, has raised $100 million in a Series C round of funding from existing investors IDG Capital Bertelsmann Asia Investment (BAI).
Kunlun Fund, ZhenFund, and Frees Fund also participated. The company will use the proceeds to improve its logistics system and customer services, a statement said.
Founded in 2014, Club Factory started as business-to-business (B2B) online platform, providing information - such as details of the best-selling items on e-commerce sites Wish and eBay - to Chinese clothing manufacturers. The company moved to a business-to-customer (B2C) model in 2016, connecting Chinese manufacturers with international online buyers. The mobile app compares prices from multiple manufacturers to present customers with the best deals.
IDG Capital and ZhenFund provided angel funding to the company in 2014. This was followed by a Series A round led by Frees Fund in 2016. In January of last year, Club Factory secured a $2 million Series B round from undisclosed investors.
Club Factory claims to have over 100,000 suppliers on its platform, selling clothes, shoes, handbags and beauty products to 26 countries in the Middle East and Southeast Asia. India now contributes more than a half of overall revenue.
Wish, which has also received VC funding, is a US-based cross-border e-commerce mobile app with a similar business model to Club Factory, connecting Chinese merchants with overseas users. It targets at customers in the US and European markets.
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