Steamboat Ventures invests $10 million in Chinese luxury shopping site Shangpin
Steamboat Ventures has invested $10 million in shopping site Shangpin.com, according to an executive at the VC firm, as part of a second round of fundraising for the Chinese domain.
According to local reports, Walt Disney-affiliated Steamboat teamed with Morningside Asia to invest in the six-month-old company. Shangpin, which focuses on the luxury-goods sector, has incorporated social networking features and media into its operations. Local reports add that the funding will be additionally used to expand its brand presence and bolster its staff.
The news comes weeks after Steamboat also led a Series A funding round for Gridsum Technology, a Beijing-headquartered online web, video and search analytics company. Earlier this year, the firm also teamed with Gobi Partners to invest in Yoyi Media, a China-based provider of online advertising and marketing solutions.
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