Beijing-based startup Ponhu Luxury has closed its Series B round, collecting RMB 175 million (USD 24.7 million) from investors led by Fortune Capital and INCE Capital, 36Kr reported on Tuesday.
Venture capital firm Befor Capital also joined the round. Ponhu has not disclosed what it will do with the new funds.
The company manages an e-commerce app, also named Ponhu Luxury, for trading second-hand luxury items including watches, shoes, and bags. The firm also runs four brick-and-mortar stores, in addition to about 50 franchised stores across the country for second-hand luxury trading.
The app functions both as a channel for Ponhu to collect items from owners, and as a marketplace for end buyers, including individuals and small distributors.
Holders of luxury items can choose to sell their belongings on the app, which will charge them a commission of 5% from the selling price, or fully entrust Ponhu as the selling agent. Users can also directly sell goods to Ponhu, according to the company’s app.
The firm made revenue of RMB 600 million (USD 85 million) in 2019, according to 36Kr.
36Kr is KrASIA’s parent company
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.