Plum, Chinese trading platform for second-hand luxury goods, raises USD 20 million in Series B+ round

The company wants to meet users’ desire to sell possessions within a reasonable time period and price.

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Beijing-based e-commerce startup Plum has closed its Series B+ round financing, collecting USD 20 million from investors, 36Kr reported today.

Major investors include Japanese internet company Recruit, which once backed China’s classified information website 58.com, while previous investors such as Matrix Partners China, Qiming Ventures, and Unity Ventures, also joined.

Plum, which was set up in 2017, claims to connect individual owners of luxury goods with potential customers who want to buy these products at a relatively lower price.

The company’s founder Xu Wei told 36Kr that the platform has reached a five-fold rapid growth in its Gross Merchandise Volume (GMV) and number of users in the past six months, without disclosing more details.

The startup said it will focus on brand building and services upgrades. Xu also said that her company will work on improve the speed of its services, as the app has to “meet owners’ need to sell their possessions within a reasonable time period and for an acceptable price.”

Plum will work on improving its platform to allow users to put goods on the shelf within 48 hours or even 24 hours after authentication. Currently, under high supply situations, it can take up to 10 days for new items to be put on the transaction market, Xu said.

36Kr is KrASIA’s parent company