Vipshop, a flash sales shopping site based in Beijing, has raised $20 million in a first round of funding, peHUB reports. Menlo Park, Calif.-based investors DCM and Sequoia Capital participated in the round.
Founded in 2008, Vipshop sells domestic and foreign brands to more than 1.5 million Chinese consumers. The site showcases mid-level brand names like Adidas and Nine West and sells discounted goods for a limited time.