La Miu Completes USD 20 Mln in Second-Round Funding
Wabei, 5/20/11
Chinese lingerie e-commerce site La Miu recently announced that it has finished securing USD 20 mln in second-round funding, led by Silicon Vally-based VC firm DCM. La Miu CEO Dong Lu said that this round of funding will be used primarily to broaden product categories, improve customer experience and backend technology, and to perfect the company's logistics system.
In the three years in which La Miu has operated in China, the company has accrued more than 1 mln customers. According to Dong, "Among the investors this round were several returned first-round investors, as well as a new investor, an American VC with an interest in La Miu's growth." La Miu angel investor and Rakuten founder, Hiroshi Mikitani, also took part in this round of funding.
Second round lead investor DCM first entered the China market in 1999, where it has been very active in the e-commerce sector, investing not only in La Miu, but also in B2C e-commerce platforms Dangdang (NYSE: DANG) and Mbaobao, e-payment platform provider 99Bill, SNS and group buy platform operator Renren, and online travel site Tuniu.
Editor's Note: For more information on this topic, please see "Rumor: Lingerie B2C Site La Miu to Obtain 2nd-Round Funding " MD 4/01/11 issue. While Wabei reported that the size of the second round was USD 40 mln, in a discussion with Marbridge, La Miu CEO Dong Lu said this figure was not correct, and that the actual amount of the second round was approximately USD 20 mln.
Keywords: Dong Lu e-commerce Internet funding B2C Rakuten second-round La Miu Hiroshi Mikitani apparel VC Doll Capital Management
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