Fenlai Shangcheng (“Funlike” or the “Company”), a leading domestic supply chain service and social retail enablement platform in China, has recently completed its Series A financing of RMB 100 million. This round of financing was led by Cypress Capital (China) and Great Value Asset led the investment, with several followers participating in the round.
With this round of financing, Funlike aims to accelerate the development and optimization of its brands, system tools, logistics and warehousing, after-sales services, marketing, and other capabilities. The Company also plans to expand its urban operation centers and deepen its upstream and downstream channel coverage, ultimately building a supply chain service platform centered on FMCGs.
Founded in 2018, Funlike has positioned itself as an innovative service platform for China’s supply chains. Today, social retail is represented by micro-businesses and community groups. Private domain e-commerce companies and institutions conduct sales on the orders of billions of dollars. Funlike provides an innovative DTS (direct-to-sales) supply chain service model, integrating highly fragmented sales and marketing assets (internet celebrities, micro-businesses, shopping guides, etc.) to establish a “frictionless” and independent platform.
The platform provides consumers with high-quality goods and services, establishes an efficient omni-channel sales network for suppliers, and links both ends to create a retail platform with a high-quality supply chain as its core. In short, the brand does not use intermediaries to provide products to new retailers, instead providing them with a flexible, price stable supply chain, while also enabling the recommendation of products to consumers to facilitate purchases.
Funlike has continued to maintain rapid growth. Monthly GMV in September 2020 has increased by 16x compared to the same period in 2019, with 3x the number of orders and 5x the average customer order value. The Company’s gross profit margin has also exceeded 30%, and the Company has already achieved profitability. The platform serves more than 100 corporate channels and 600,000 spokespersons. The Company’s operations now cover more than 60 cities, and it has maintained an 80% retention rate among its customer base.
About CEC Capital Group
Founded in 2000, CEC Capital Group is one of China’s leading investment banks, focusing on three major industries including global TMT, consumer and healthcare. In addition to its investment banking practice, CEC Capital Group manages both an RMB fund and a USD fund. The company is headquartered in Beijing, with offices in Shanghai. Its US affiliate, China eCapital Partners, LLC, has offices in Los Angeles and San Francisco. CEC Capital Group has a strong focus and deep understanding of the consumer sector, with significant transaction experience and an industry-leading coverage team in China.
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