(Yicai Global) Jan. 10 -- WonderFull, a Chinese e-commerce platform that focuses on Japanese imports, has raised JPY5.3 billion (USD48.4 million) from investors, including Softbank spin-out SBI Holdings and CITIC Group.
Japanese drug firm Sugi Holdings also participated in the round and its unit's skincare products will be available on the application this spring, 36Kr reported today, without specifying whether that would be the C+ or D round of the platform known in China as Wandou Gongzhu.
WonderFull, run by Inagora, will use the proceeds to support its operations, marketing and staff, according to the Beijing-based parent.
The China-Japan e-commerce market has huge development potential, said app founder Wen Yongbiao. WonderFull will continue to focus on the Japanese market before considering expansion to Southeast Asia, he added.
Japan's Ministry of Economy, Trade, and Industry estimated the online retail market between the two countries to be worth JPY2 trillion (USD18.3 billion) last year.
Founded in 2015, WonderFull has over 3,300 Japanese brands and 20 million registered users. Most of them are aged between 20 and 30.
Editor: Emmi Laine