China Digest: Hokbee bags $25m; 5Y Capital invests in Youhualin
Summary
Hokbee, a Hangzhou-based brand that provides supply chain services in home furniture and decoration, has announced the completion of a $25 million Series A round of financing led by MatrixPartners China. The latest round also attracted new investors Sky9 Capital, a VC that targets China’s internet, enterprise, and deep technology, and early-stage focused K2 Angel Partners. The brand claims that it will invest a large part of the proceeds to consolidate its supply chain capability, and to develop partnerships with dealers. The proceeds of the latest round are posed to be used to further develop its capabilities of technology, besides talent recruitment, operation, and optimization, intelligent data solutions and applications, business expansion. With headquarters in Shanghai and divisions in Beijing, Shenzhen, and Chengdu, Youhualin has been engaged in helping China’s industries to achieve intelligent data transformations.