Yamibuy launches its $10 million Series A investment
Established in California in 2013 with the idea that Asian Americans should have easier access to the Asian products they are familiar with, e-commerce platform Yamibuy offers over 15,000 Asian products, ranging from snacks and health products, to beauty and retail goods.
The purchasing power of Asian Americans is growing apace. With over 500,000 users, the company aims to grow the business further by launching a $10 million Series A funding round, led by GGV Capital. Becoming one team, investing in both the US and China has enabled GGV Capital to become an attractive partner within US and Chinese investments, with a number of high profile companies under its belt. Also in participation is the largest provider of private educational services in China, the New Oriental Education & Technology Group, Inc.
Alex Zhou, founder & CEO of Yamibuy explained: "For the past four years, Yamibuy has steadily increased its market share and brand presence within the Asian American community, without the help of any capital investment.
With this first infusion of institutional funds, Yamibuy will be able to better serve its customers, bring in more products and improve the overall customer experience. All of this ultimately supports our mission of serving Chinese Americans, as well as customers from other parts of Asia."
With a personalised e-commerce platform, Yamibuy has been able to analyse the products which are highest in demand, further enhancing its potential within the market.
Zheng Zhao, General Manager of investment business department at New Oriental, added, "Yamibuy's growing customer base, mature supply chain and reduced procurement costs are core competencies that have enabled the company's impressive growth over the past four years. We believe these strengths, coupled with Yamibuy's accurate grasp and application of customer data, position the company very well for future growth."
"Yamibuy is about the strength of global ecommerce and finding the comforts of home no matter where in the world you are,” said Hans Tung, Managing Partner, GGV Capital and Yamibuy board member. “The loyalty of Yamibuy customers is impressive, thanks in large part to the talented international team who understands their Chinese and Chinese American millennial customers.”
Amobee Appoints Nick Brien As CEO
In its latest strategic move, Amobee—a global multimedia advertising leader—announced that Nick Brien will be its Chief Executive Officer. The company is entirely owned by Singtel, Asia’s leading communications technology organisation, which provides consumers with mobile, broadband, and TV and businesses with data hosting, cloud, network infrastructure, analytics, and cybersecurity tools.
Brien, who has worked for Microsoft, Intel, P&G, and American Express, will take over to drive the next generation of advertising tech. Said Evangelos Simoudis, Chairman of the Board of Amobee: ‘Nick has the deep expertise in advertising that we need to seize the market opportunities ahead’.
How Did Brien Get Here?
Before joining Amobee, Brien led 15,000 people across 40 divisions as CEO of the Americas for Dentsu International. For thirty years, he’s helped brands pilot unique advertisements, keeping up with the latest trends. He’s served as CEO of McCann Worldgroup, global CEO of IPG Mediabrands, President of Hearst Marketing Services, and CEO of iCrossing. Over the course of his career, he’s consistently strategised how to keep up with digital shifts. Now, he’ll capitalise on Amobee’s legions of experienced data scientists and developers.
‘I’m excited to be joining Amobee at such a transformative time in our industry’, Brien explained. ‘We’ll pilot advertising accountability and intelligent decisioning. And there’s no doubt in my mind that optimising media performance—whether you’re targeting, planning, buying, or delivering—can only be achieved using applied science, machine learning, and data analytics’.
What Does This Mean for Amobee?
Amobee is set on growing its personal brand within the advertising sector. As APAC social media influencers, Gen Z growth hackers, and viral content producers start to enter the field, established companies will be working doubly hard to keep up. Amobee, however, is still looking good. With a Gartner Magic Quadrant for Ad Tech, a Forrester New Wave recognition, and now, Nick Brien as CEO, the firm is set up for success.