The Legend Capital-backed cross-border fashion e-commerce platform has raised a $65m commitment from Group 42 in a series C-plus round.
Artificial intelligence technology developer Group 42 has provided $65m in series C-plus funding for China-based e-commerce platform Jollychic, 36Kr reported yesterday.
Jollychic oversees three brands – fashion marketplace Dealy, boutique fashion platform MarkaVIP and e-commerce brand Jollychic – selling goods such as apparel, electronics, home goods, groceries and shoes to customers in 34 countries, though it is primarily focuses on the Middle East.
Li Haiyan, founder and chief executive of Jollychic, told 36Kr that part of the funding will be used to develop its online payment platform, which recently received a licence to operate in the United Arab Emirates.
The remainder of capital will be used to enhance the company’s logistics capabilities and expand its payment tools.
Sequoia Capital’s growth fund led a nine-figure dollar round for Jollychic in May 2018, investing alongside Legend Capital, the venture capital firm sponsored by conglomerate Legend Holdings, at a valuation of $1bn,…
