IDG and Matrix Partners-backed used high-end fashion marketplace Plum (AKA, Aplum.com) has reportedly raised $20 million U.S. in a series B+ funding round. The investors include IDG and Qiming Ventures, and as well as Japan’s Recruit Holdings.
Launched in February 2017, Plum operates on a c-to-b-to-c business model, with all listings vetted by the platform for authenticity and quality. According to Plum’s own internal data, more than 40 percent of the site’s users are both buyers and sellers. The average price of listings on the marketplace is around 1000 RMB (approx. $150 U.S.), and the average user makes approximately 5 or 6 purchases a year.
With the fresh funding, Plum will reportedly focus on further building its brand and upgrading its services to boost the platform. According to founder Yu Wei, it has recorded a five-fold increase in users and in gross merchandise volume (GMV) over the past six months.
Plum completed a series B funding round worth “several tens of millions” of U.S. dollars in August. An exact figure was not disclosed. The round was led by Matrix Partners China, Qiming Venture Capital, IDG Capital Partners, Unity Venture Capital, and K2 Venture Capital. IDG also invested in another fashion e-commerce platform, London-based FarFetch, back in May 2016.
Plum completed its series A funding round, led by IDG and Matrix Partners, in September 2017. In November the company opened its first offline outlet, in the trendy Sanlitun area of Beijing.