Sequoia China, Gaorong Lead Nearly $100m Round For Chinese Designer Toy Platform

Enterprise capital companies Sequoia Capital China and Gaoraong Capital have co-led a Collection B spherical price almost $100 million for Chaowanzu, a Chinese language on-line designer toy platform with social commerce and second-hand buying and selling options.

In an announcement on Thursday, the startup stated that it began the fundraising in June and accomplished the brand new spherical in roughly two months.

Whereas it didn't disclose the post-money valuation, Chaowanzu claimed that its newest valuation was 15 occasions what it was valued two years in the past after the completion of its angel spherical. The funding dimension of its angel spherical was not revealed.

Present shareholders Bertelsmann Asia Investments (BAI), a Bertelsmann subsidiary that manages over $3 billion; K2 Angel Companions, a Chinese language enterprise fund that focuses on angel and pre-Collection A offers; and early-stage VC Panda Capital backed the Collection B spherical.

The startup stated that it's going to use the brand new financing for consumer acquisition, expertise recruitment, and enterprise growth.

The corporate derived its identify “Chaowanzu” from a Chinese language time period meaning “the clan of artwork toy collectors.” The enterprise was based in 2019 by Shanghai-born entrepreneur Shen Zhenyu, who served as an govt at short-video platform TikTok’s Chinese language proprietor ByteDance after he bought his first enterprise, a web based neighborhood for pictures fans, to ByteDance founder Zhang Yiming.

Initially launched as a graphics modifying software program for designer toy collectors, Chaowanzu has developed into a web based platform that aggregates user-generated content material, social networking,

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