E-Commerce Antique Selling Platform Wanwu Dezhi Closes USD 80 Million Series C

Consumer Staples Author: Yue Liu Editor: Luke Sheehan Nov 04, 2020 10:45 AM (GMT+8)

"At present, the industry is still in its early stages. We have only provided online channels, and there are still many shortcomings," said Tang Jinshang, founder and CEO of Wanwu Dezhi.

Image credit: Jessica Ruscello/Unsplash

On November 4, e-commerce platform for antiques trading, Wanwu Dezhi, completed a USD 80 million Series C financing, led by Huaxing Growth Capital and Source Code Capital, followed by GGV and PEPM. The app provides a full-process product identification service, and solves the industry trust problem for both buyers and sellers through the service model of 'identity first, then ship.'

At present, the platform has more than 2 million items that cover eight categories, including jade jewelry, wooden carvings, and ceramics. Established in 2018, Wanwu Dezhi has a one-year transaction volume exceeding CNY 2 billion and has accumulated 200,000 registered merchants and 42 million registered users. The number of services in a single month exceeds 1 million, and it is expected that, in 2020, the platform's transaction volume will exceed CNY 10 billion.

According to Quest Mobile, the MAU of Wanwu Dezhi APP in September 2020 has reached 5.14 million, ranking first in the antique e-commerce industry.