Sequoia leads round for China infant care online retailer
Sequoia Capital has led a $20 million Series B round of funding for Miyabaobei, a Chinese baby-care product online retailer.
ZhenFund and China Renaisance K2 Ventures also participated. Kui Zhou, a partner at Sequoia, will join the company's board of directors, local media reported.
Miyabaobei originally opened its shop in Taoabo.com, Alibaba Group's C2C marketplace, in 2011. Within few month, the store was receiving more than 1,200 orders per day with 44% of customers repeat buyers.
Last year, Miyabaobei decided to set up its own retail platform. It sells limited products imported from overseas at certain hours every day. Items such as infant formula are very popular because many parents no longer trust local brands in the wake of numerous product safety scandals.
The start-up previously raised a RMB10 million Series A round from ZhenFund and China Renaisance K2 Ventures.
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