Ztore.com, a Hong Kong-based e-commerce startup selling groceries and home essentials, has completed an US$8 million Series B funding, led by Welight Capital and joined by Kwai Hung Group.
Founded in 2015, Ztore.com mainly offers local products with the aim of growing local brands and empowering small and medium-scale enterprises, the company said on its website.
It also runs “Neigbuy”, a community collective-buying business which enables local residents to form small neighborhood networks to order products curated by Ztore staff, the company said.
In 24 months since its launch, the e-commerce startup has recorded over 200,000 users who spend HK$580 per order on average, according to the firm.
Backed by venture capital firms such as Welight Capital and Kwai Hung Group as well as express carrier giant SF Express, Ztore.com has raised over US$20 million of funding since its establishment.
“With the successful Series B financing, we will be able to advance our operating systems, develop new technologies to enhance the shopping platform, and launch new services,” said Danny Shum, co-founder and chief executive of Ztore.com.
“We strive to lower our logistics costs and pass those savings along to customers to ensure they reap the benefits of shopping at Ztore.com,” he added.
Shum said the firm will deploy a new algorithm that helps predict customer preferences to recommend the best products to buy, and will soon launch its Ztore App.
The company will continue to explore overseas opportunities, with an aim to develop cross-border e-commerce in the next two years and bring local brands to markets in the Asia-Pacific region.
This article appeared in the Hong Kong Economic Journal on Oct 16
Translation by Ben Ng with additional reporting
[Chinese version 中文版]
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