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OkBuy.com Closes USD 17mn Round II Financing
[October 20, 2010]

OkBuy.com Closes USD 17mn Round II Financing


BEIJING, Oct 20, 2010 (SinoCast Daily Business Beat via COMTEX) -- Footwear B2C e-commerce company OkBuy.com announces that it has completed the second round of financing reaching USD 17 million from Intel Capital, Draper Fisher Jurvetson and Sequoia Capital.



OkBuy.com Founder Lu Ming reveals that the investment will be used for team formation, warehouse construction and stockpile, believing that the focus of e-commerce companies should be product range and stockpile portfolio, since they are the natural outcome of traditional industries to meet different demand of Internet users.

Lu points out that the costs are almost the same for online and offline procurement. However, the product variety directly affects the profitability of e-commerce companies, disclosing that OkBuy.com has an experienced buying team.


By far, OkBuy.com has built storerooms of 6,000 and 3,900 square meters in Beijing and Guangzhou respectively. Warehouses will also be set up in northeast and east China so that there will be five depots by the end of 2010.

OkBuy.com was founded in 2007, engaged in the distribution of footwear, apparels and accessories, baggage and outdoor products. In November 2009, the Web site won nearly USD 10 million from Sequoia Capital.

Source: www.163.com (October 20, 2010)

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