(Yicai Global) June 22 -- Chinese home decor retailer Zhufaner has closed its CNY200 million (USD31 million) Series B round of financing, led by e-commerce giant JD.Com’s unit GenBridge Capital and GSR Ventures.
The two existing shareholders of Sinovation Ventures and Next Capital also participated in the latest fundraising, startup information site Lieyunwang reported today.
Zhufaner, also known as Shuimu Youpin Decoration, will use the money to support its online operations, open new experience stores, and improve its supply chain.
Several graduates from the renowned Tsinghua University founded Zhufaner in 2015. Besides the capital city, the Beijing-based company focuses on Shanghai and Chengdu with its home remodeling and retail services that target young consumers, according to its website. The firm's headcount is around 450 people.
The scale of China’s home decor market is as high as CNY5 trillion (USD772.5 billion) but there's huge room for development as consumers still experience many pain points when preparing their new houses, said Zhu Xiaohu, managing partner of GSR Ventures.
E-commerce is a strong sales channel for the firm. In April 2020, Zhufaner launched a WeChat mini-program and the program's gross merchandise value reached CNY150 million in the following nine months, according to Lieyunwang. Each client spent more than CNY10,000 (USD1,545).
Editor: Emmi Laine, Xiao Yi