Chinese Social Shopping Platform Raises $200M, Valuation Hits $1B
June 10, 2014
Mogujie, a China-based social shopping platform, has raised $200 million in Series D funding from Hopu Fund, TBP Capital, Qiming Venture Partners, IDG Capital Partners and Banyan Fund. The round was reportedly raised at a $1 billion valuation. It was rumored in October 2013 that Mogujie was being acquired by e-commerce giant Alibaba, but the new financing clearly disproves that rumor. Mogujie raised Series A funding in 2011 and followed that up with a Series B financing in early 2012—each round brought in $10 million. The company then raised a Series C funding at a reported $200 million valuation in October 2012. Mogujie claims it has 35 million monthly active mobile users. It will use the new funds, in part, to build out its marketplace, which allows retailers to sell products directly to consumers.