Chinese online home furnishings retailer Meilele has raised $40m in a Series B financing round led by Vertex Venture Holdings, an offshoot of Singapore sovereign wealth fund and Alibaba backer Temasek.
Vertex joined Lightspeed Partners, Xianfeng Huaxing Group, LionRock Capital, and KTB Ventures in the round, which will help finance online growth as well the company’splans to double its bricks and mortar operations to 100 stores.
Meilele was founded in 2008 as a store within one of China’s biggest consumer-to-consumer e-commerce sites and subsequently set up its own B2C service. The company has forecast revenues of around $157m in 2012.
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