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.”