Community retail platform operator closes Pre-A round
Family One, a community-based retail platform operator under the incubation program of SIP's InnoCorridor, recently announced that it had pulled in tens of millions of dollars in the Pre-A funding led by Source Code Capital and Gaorong Capital.
The startup, which raised millions of dollars from Sequoia Capital in Angel round two months ago, currently operates WeChat-based retail systems covering thousands of communities in 15 cities across East China, with monthly GMV (Gross Merchandise Volume) reaching tens of millions of yuan. It provides living products at favorable prices to community residents based on its increasingly improved supply chain and after-sales services.
Xiao Zhilong, chairman of the company, revealed that the fund will be used to perfect their hardware and software for a further expansion of business.
November 6, 2018