China used goods platform Plum gets $100m Series C

The company, also known as Hongbulin, last secured new capital in 2020 with a Series B extension featuring Matrix Partners China and Unity Ventures. The deal size was put at tens of millions of US dollars.

The first tranche of the Series B, which closed on USD 20m in 2019, was led by Japan's Recruit Holdings with participation from Matrix, Unity, and Qiming Venture Partners.

Zhuanzhuan has received even larger sums in private funding. The company - launched in 2015 by local classifieds platform 58.com - raised USD 100m in the first tranche of a Series D round last year. Electronics giant Xiaomi took the lead, accompanied by Advantech Capital and Shunwei Capital.

Zhuanzhuan has raised approximately USD 1bn to date, according to AVCJ Research's records.

Founded in 2017, Plum pursues a C2B2C model, collecting items from individual sellers, authenticating them, and then selling the goods through its platform. It takes a commission on each transaction. Anyone who purchases an item that turns out to be fake receives compensation amounting to three times the sum paid.

With more than 2000 fashion brands cycling on its platform, Plus claims to be the number one second-hand fashion retailer in China regarding both user scale and service capability. Recent innovations include a function that allows users to calculate the emissions saved by purchasing second-hand items.

Lighthouse Capital served as the financial advisor for the Series C.

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• Topics
• Greater China
• Expansion
• Consumer
• China
• e-commerce
• Matrix Partners
• Unity Ventures
• Qiming Venture Partners
• TMT