Home decoration supply chain platform Zhongzhuang Supei has closed its Series B1 round, bagging RMB 50 million (USD 7.2 million), led by Vision Plus Capital and joined by Wanrong Capital, 36Kr reported Tuesday.
Zhongzhuang Supei, which was set up in Xiamen, capital of East China’s Fujian Province in May 2017, is a business to business (B2B) e-commerce platform offering home decoration products for small and medium-sized companies. The firm also features a software as a service (SaaS) product which allows its users to generate 3D renderings of entire homes.
Other similar platforms have recently collected important fundraising rounds, allowing them to cater their products to about 200,000 medium-and-small-sized home decoration companies. Shanghai-based Xiaopengxiong closed its RMB 130 million Series B round last October, while Hangzhou-based online home decoration Kujiale scored USD 100 million in its Series D+ round the same month.
China’s home decoration market is expected to hit a market size of USD 373 billion by 2020, according to a report by Chinese think tank Qianzhan.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.