DinoDirect Obtains Second-Round VC Funding
Chongqing Morning Post, 2/17/11
Chongqing-based global B2C e-commerce platform DinoDirect.com completed second-round funding last month, successfully attracting investment in the eight-figure range.
DinoDirect.com allows Chinese merchants to sell domestically-produced products to consumers in North America, Europe and Australia. Currently, US customers account for 80% of DinoDirect users.
DinoDirect president Feng Jianfeng revealed that 2010 revenue exceeded USD 20 mln, with growth exceeding 300% YoY, and that the site's 2011 sales target is USD 80 mln. Feng also disclosed that the site received USD 100 mln of first-round foreign venture capital in June of last year.
In addition to his role at DinoDirect, Feng serves as CEO of US-based third-party international B2C e-commerce outsourcing provider SoftIsland. Feng said two entities operate independently, though SoftIsland served as the incubator for DinoDirect. Regarding plans to IPO, Feng has indicated that SoftIsland has already completed preparations for going public, and plans to do so on a China exchange, while DinoDirect plans to IPO internationally within the next two years.
According to Feng, DinoDirect currently employs 265 people and offers 200,000 products primarily targeted at overseas individual consumers. The site's best sellers are from the home and garden category, closely followed by outdoor equipment, clothing and accessories, gifts and electronics products.
Editor's Note: According to DinoDirect's Investor Relations webpage, it received funding from Northern Light Venture Capital in 2009.
Keywords: DinoDirect Feng Jianfeng SoftIsland HR e-commerce Internet IPO funding overseas revenue B2C VC Northern Light Venture Capital sales target second-round
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