Sequoia China and SoftBank Group Lead $110M Funding Round In Chinese E-Commerce SaaS Provider

Sequoia China and SoftBank Group Corp's SFTBY Vision Fund 2 (SVF 2) have led a Series D funding round in Chinese e-commerce software-as-a-service provider Dianxiaomi, reported Reuters citing China Renaissance, an investor in the company.

The funding round, which raised $110 million, also had Tiger Global Management and GGV Capital as participants. The company reportedly plans to utilize the proceeds to grow its overseas team.

With the latest fundraising, the Shenzhen-based company has raised a total of $210 million thus far this year.

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Expansion Plans: Dianxiaomi plans to open offices in Indonesia, Malaysia, and the U.K. and build a team of 20-100 staff for customer service, operations, and other tasks in each country, Tech Crunch reported.

SVF 2 Performance: The SVF 2 recorded a realized gain of ¥3.3 billion ($24.42 million) in the June quarter. Unrealized net loss on valuation totaled ¥1,326 billion, mainly due to declines in the stock prices of public portfolio companies and the fair value in a wide range of private portfolio companies.

The fund made new and follow-on investments totaling $2.11 billion in the first quarter, bringing the fund’s total cost to $49.65 billion. SVF2 held 269 investments as of the first quarter-end.