Chinese cross-border business-to-business (B2B) ecommerce startup Xyb2b announced that it has raised $100 million at the close of its Series B+ of funding round to fuel its further expansion.
Founded in 2015, Xyb2b provides an online shopping platform for beauty care, maternal and child supplies, clothing and shoes, and healthcare, among others. In just four years, the startup has formed partnerships with about 2,000 brands from 40 countries
Last year, the company, with a legal name Shenzhen Sky Cloud Supply Chain Co Ltd, sold goods worth over Rmb6.24 billion (US$ 879 million) on its platform. For this year, Xyb2b expects gross merchandise value to reach Rmb15 billion (US$ 2.11 billion).
The $100-million Series B+ funding round was led by National SME Development Fund, a state-backed fund for SMEs managed by Oriental Fortune Capital. Xb2b’s existing investors, including Hongtai Capital Holdings, Easter Bell Capital, and Matrix Partners China, also participated as return investors.
With the fresh funding, Xyb2b said it will expand its product portfolio by acquiring more overseas brands agencies, even as it already sells over 150,000 products.
It will also allocate part of the fresh investment to talent recruitment as the company aims to build a more agile ecommerce platform while improving its supply chain development by connecting more providers and setting up warehouses abroad.
The company provides comprehensive delivery services to more than 60,000 SMEs to allow business owners to focus on marketing and end-user experience. Its key account clients include, Tmall, Pinduoduo, NetEase Kaola, and Xiaohongshu, a content and ecommerce platform.
Last year, the Shenzhen-based startup raised US$47 million a Series A round anchored by Eastern Bell Venture and GSR Ventures, a VC firm focused on early-stage technology companies in or have a nexus to China.
In the first half of last year, China’s B2B ecommerce transactions and revenues reached US$1.63 trillion and US$3.71 billion, respectively, according to data from China Internet Watch.