OkayBuy has completed its Series B Financing, attracting 3 investors including Sequoia Capital that participated its first round financing, confirmed by Li Shubin, president of OkayBuy, on Jul.15, saying that "the capital raised certainly exceeds its first round financing of US$10M or over RMB100M."
OkayBuy had received about US$10M from Sequoia Capital in its first round of financing in Oct. 2009. Sequoia Capital had invested in Zappos, a US-based footwear e-commerce company with a business mode similar to that of OkayBuy. Zappos was later acquired by Amazon.com Inc. for US$850M.
According to industry insiders, the footwear B2C sector is seeing increasingly fierce competition, which may be the main reason for OkayBuy to conduct its second round financing after such a short period following its first round. Xie.taobao.com was officially launched on May10. Another online footwear mall Letao.com announced in early June that the company received a combined capital injection of more than US$10M in its second round of financing from Tiger Fund and DT Capital Partners, two US-based investment firms.
