VCs exit China online furniture retailer Meilele to strategic buyer
Several VC investors – including Lightspeed China Partners, Vertex Ventures and China Renaissance K2 Ventures – will exit Meilele as Shanghai-listed Guangdong Yihua Timber Industry agreed to buy an 18.21% stake in the online furniture retailer.
According to a regulatory filing, Yihua Timber will purchase 11 million shares in Meilele from existing shareholders at $6 apiece. Lightspeed will sell 4.55 million shares worth $27 million, while Vertex...
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