ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Startups

Shanghai's Xiaopangxiong raises $18.3m in Series B

Company commands niche market that has no dominant players yet

Chinese embrace online shopping and in this photo, employees are pictured sorting boxes and parcels at a logistics center.   © Reuters

BEIJING -- Shanghai-based e-commerce platform Xiaopangxiong has closed its Series B funding round, having raised 130 million yuan ($18.3 million) from investors led by Zhenghan Investment and followed by Yunqi Partners, reported Chinese tech-focused media outlet Lieyunwang.com on Wednesday.

Matrix Partners China, which led Xiaopangxiong’s Series A round, also contributed in this round. 

The fresh funds will be used to hire new staff, upgrade its system and expand the company’s reach in the Yangtze River Delta region and later in other areas in China.

Xiaopangxiong, which means "little chubby bear" in English, was founded in May 2013. It has gained a total of 68,000 registered users, 45,000 of whom have once bought cement and glass products on the platform. The company has small- and medium-sized home decorating companies as its main buyers.

It has dozens of rivals based in different regions of China but none of these companies, including Xiaopangxiong, is big enough to be a dominant player in this sector, according to corporate intelligence information platform Tianyancha.com.

While e-commerce platforms such as Alibaba’s Taobao and JD.com are already entrenched in China, there are still niche markets in which entrepreneurs can make an impact.

Yang Ning, once an employee of Alibaba Group Holding, in July 2017 founded BWCMall, a website selling products for industrial maintenance, repair and operations. In September this year, the company closed its Series A round, raising $10 million.

BWCMall’s competitor Yesmro also closed its Series A round last month, bagging $10 million from investors led by Matrix Partners China.

KrASIA is a digital media company focused on technology-driven businesses and trends across the Asia-Pacific region. It is part of 36Kr, a tech news portal based in Beijing. Nikkei has a minority stake in 36Kr.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media