Ping An Leads Investment to Drive Platform Enhancement and Advance Company Growth
BEIJING–(BUSINESS WIRE)–July 7, 2015–
Secoo Holding Limited, (“Secoo” or the “Company”), the largest integrated upscale lifestyle products and services platform in China, today announced it has completed the US$55 million Series E convertible redeemable preferred shares financing led by Ping An Ventures, the venture investment arm backed by Ping An Insurance (Group) Company of China, Ltd (“Ping An”). The proceeds from the latest financing will be used to continue enhancing the Company’s products and services platform and increasing brand awareness and facilitating the Company’s fast growth.
Secoo’s integrated online and offline business model distinguishes it from many other China e-commerce players. Through its large-scale product selection and sourcing, the Company has built a rich and continuously expanding proprietary database on upscale products that guide its authentication professionals and in turn strengthens its authentication capabilities. Leveraging the Company’s large and growing customer database built through years of compiling and analyzing customer behavioral data, Secoo has been able to source and offer highly sought-after products on its platform and to continuously improve its merchandising strategies as well as its targeted marketing and product recommendation analytics.
“This successful round of financing will enable us to fuel our products innovation and continue growing our platform,” said Mr. Richard Rixue Li, founder, chairman and chief executive officer of the Company. “We are excited to have the backing of an excellent group of strategic investors including Ping An who share our vision for a connected world as we look to expand our presence and advance our rapid growth.”
About Secoo Holding Limited
Founded in 2011, Secoo is China’s largest upscale products and services platform as measured by GMV in 2014 according to Frost & Sullivan. Secoo established its first physical clubhouse in Beijing in January 2011 and has opened three more clubhouses in popular shopping destinations in different cities since then. Building on the foundation of its clubhouses, the Company launched its website in April 2011 and its mobile application in December 2013.