Tencent Invested into OkBuy

Another huge financing in e-commerce sector was disclosed lately. The B2C online footwear retailer OkBuy has completed its C-round financing, which was co-invested by Tencent and Draper Fisher Jurvetson (DFJ). Tencent alone provided as much as 50 million US dollars, which is the largest financing in vertical B2C sector this year. OkBuy didn’t give details about the amount invested by DFJ.

Li Shubin, CEO of OkBuy told journalist yesterday that from they got touch with Tencent to the time they decided to accept investment, the negotiation only took them three days, and the capital got in place within only a month. Normally, this process will take almost a season. Li Shubin said most of the proceeds will be used in storage and logistic system. “Over 70% will be used in the logistic system, and we might consider building our own logistic system.”

It is said that before this round of financing, OkBuy once obtained 10 million RMB from Sequoia Capital in 2009, and another 17 million USD co-investment from DFJ, Intel and Sequoia Capital last year.

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