Shenzhen Fortune leads $100m round for fashion platform Yoho
Fortune Capital has led a $100 million Series D round of funding for online fashion magazine and e-commerce platform Yoho. CMC Capital and Telescope Capital also took part alongside existing investors SAIF Partners China and Vertex Venture.
SAIF Partners invested $30 million as part of the company's Series C round early last year. Bertelsmann Asia Investments (BAI) was also among early backers in Yoho.
The fresh capital will be used to accelerate the firm's retail businesse both online and offline. It plans to open offline outlets within the next three to five years.
Founded in 2005, Yoho started out as a fashion magazine. Three years after, it expanded into online fashion community Yoho.cn, and e-commerce platform Yohobuy.cn. As of the end of last year, Yohobuy.cn recorded gross merchandise volume of RMB1 billion ($160 million), which included cross-border transactions, Jianyao Hao, Yoho's vice president, told local media.
At present Yohobuy.cn has established standard warehouses and formed partnerships with delivery service providers such as SF Express. It intends to build up three more goods sorting centers in Chinese cities.
Established in 2000, Shenzhen-based Fortune Capital manages RMB15 billion and has invested in more than 260 enterprises, of which 39 companies have been successfully listed. It has also exited 28 investments through M&A or buy-backs. The firm has 18 portfolio companies listed on the National Equities Exchange and Quotation (NEEQ), which is also known as the New Third Board.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.