China Ecommerce Retailer, Vancl, Closes Series G for $100 Mil
China’s top E-commerce startup, Vancl, announced today that they just closed a 100$ mil Series G round with Temasek, Ceyuan, IDG Capital Partners, and SAIF Partners. Seldom do we see a startup reach a series G round, usually startups have already exited before they reach Series G. Vancl on the other hand has gone through 7 rounds of funding and still runs strong as a popular Ecommerce Retailer in China.
Vancl started as an online men’s shirt brand in 2007 and developed rapidly ever since with continuous injections of capital. The company lost its way after crazy expansion into a variety of categories in 2011 which led to a terrible downfall in the company. The CEO of the startup, Chen Nian, quickly reacted to this matter and removed all the new categories. At the time, the startup was adding numerous categories that were non fashion related such as electronics.
Latter in the same year, the company integrated the three major businesses, namely, V+, Special Sales, and third-party brands. V+ team is currently responsible for the operation of third-party brands.
Vancl reportedly faced capital chain disruptions last October due to the large inventories and excessive business lines. It is reported that the company has slashed its workforces heavily during the period.
The startup’s series F funding round was also $100. With the new funding round, the company should be able to grow and build more partnership over time.
The retailer does have a lot of direct competitors in the same field such as the other ecommerce giant sites in China.