China sex toy online retailer Chunshuitang raises $13m
New Margin Ventures and Shenzhen Cowin Capital have committed RMB80 million ($13 million) in a Series B round of funding for Chunshuitang.com, a Chinese sex toy e-commerce site.
Existing investor Empower Investment also participated.
Chunshuitang was founded in 2002 by Degang Lin. It sells products such as erotic toys, sex dolls and revealing underwear. The new capital will be used to switch to a B2C to a flash-sale platform that offers products at heavy discounts for limited periods. The company also plans to launch sex products under its own brand.
According to AVCJ Research, Empower Investment provided two rounds of funding for the start-up between 2010 and 2014.
Lin told local media that China's sex toy market is worth RMB60 billion, compared to RMB800 billion globally. The firm is targeting a domestic IPO in 2017.
This isn't the first time for New Margin has invested in an online sex toy business. In 2012, the GP partnered with Shenzhen Capital to commit a reported RMB300 million in Series A funding to Adam & Eve, a Chinese sex toy retailer.
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