SAN FRANCISCO (Venture Capital Journal) - DCM and Sequoia Capital China are betting they can take a successful model and apply it in China.
The two firms have invested $20 million in a Series A round of funding in Vipshop (www.vipshop.com), an online retailer in China, similar to the U.S.-based Gilt Groupe or the European-based Privalia and Vente Privee. The companies sell high-end apparel and accessories for discounts in limited-time opportunities, what's known as flash sales.
The funding of Vipshop is the Beijing-based company's first institutional round of funding. Vipshop, founded in 2008, had previously raised a small amount of money from friends and family, according to DCM General Partner Tom Blaisdell.
To read the full, original article click on this link: Chinese startups copy U.S. counterparts | Reuters
Author: Alastair Goldfisher
