Chinese maternal and baby supplies e-commerce platform Beibei.com completed its fourth round financing of USD100 million.
Its investors included well-known investment organizations such as New Horizon, Northern Light Venture Capital, Banyan Capital, and Capital Today. Of these, New Horizon, Banyan Capital, and Capital Today previously invested in Beibei.com.
According to Beibei.com, the company's gross merchandise volume in 2015 reached CNY4 billion and it expects to reach over CNY10 billion in 2016. The website currently has over 50 million users and more than 5,000 cooperating brands.
Zhang Lianglun, founder and chief executive officer of Beibei.com, said that the reason for the rapid development of Beibei.com is because it gained the recognition of the younger generation of mothers. Over 85% of users of Beibei.com are female and most of them are young moms, who are the major consumption decision-makers and have strong consumption powers in China.
Commenting on the development after the latest financing, Zhang said they will use the new investment to develop their own supply chain, improve consumer experience, and expand new businesses. Based on its existing core categories, Beibei.com will further expand into products related to home commodities and apparel.