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

Dec 10, 2021•almost 4 years ago

Amount Raised

$100 Million

Description

Venture capital firms Sequoia Capital China and Gaoraong Capital have co-led a Series B round worth nearly $100 million for Chaowanzu, a Chinese online designer toy platform with social commerce and second-hand trading features.

Company Information

Company

Gaoraong Capital

About

In a statement on Thursday, the startup said that it started the fundraising in June and completed the new round in roughly two months. Existing shareholders Bertelsmann Asia Investments (BAI), a Bertelsmann subsidiary that manages over $3 billion; K2 Angel Partners, a Chinese venture fund that focuses on angel and pre-Series A deals; and early-stage VC Panda Capital backed the Series B round.The startup said that it will use the new financing for user acquisition, talent recruitment, and business expansion. The company derived its name “Chaowanzu” from a Chinese term that means “the clan of art toy collectors.” The startup said that it now serves several millions of users, facilitating over 100 million yuan ($15.7 million) in transaction volume every month as one of China’s biggest trading platforms for second-hand designer toys.

Funding Insights

Based on industry data
Tech investment trends
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