Itugo, a social shopping platform that focuses on the sale of female branded products, reportedly received an eight-figure investment from Matrix Partners, Incapital, and National Foundation under Chinese Academy of Science. The company has received seed financing from a Zhejiang-based fund last November.
Launched in July 2012, the Hangzhou-based startup helps female users buy clothes or accessories while they browse the Internet. It also provides female consumers a platform to share their shopping experiences. Unlike other social shopping sites like Mogujie, Itugo only sells branded products.
The site now claims to have more than 15 million users and works with over 10,000 womens fashion brands. After two years of development, Itugo now has more than 80 employees with core team members who have previously worked at Alibaba, local portal platform 19lou, and Zhejiang Daily Media Group.
According to the company, the funds will be used to continue developing In, a social photo-sharing app for girls. After logging in with either Sina Weibo or QQ accounts, In users can add various tags, like brands, location, interests, digital stickers or any comments to the pictures, and share them with friends.
Itugo rolled out In three months ago to capitalize on the rise of mobile trend. The app has recorded more than 2 million active users to date, according to data released by the company.
This story originally appeared on TechNode. Copyright 2014
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.