China’s Tongshifu raises $44m Series B round led by Cathay Capital | #VentureCanvas
Kristie Neo | DealStreetAsia – VC
The other investors in this round include GX Capital, Yunmu Capital, Shunwei Capital and Xiaomi Ventures.
Hangzhou-based Tongshifu designs and manufactures brass products using techniques such as gold-process, painting and clay sculpture.
“The pursuit of quality of life for China’s young generation is growing. The demand represented by the beautification of the home environment is gradually increasing,” said Duan Lanchun, managing partner of Cathay Capital. “However, the high-quality home decoration brands are still scarce in the market, which is both a pain point for the industry and an opportunity for enterprises.”
This seems to reflect in Tongshifu’s earnings. The company expects revenues to more than double to over $87 million this year compared to $36 million in 2017. It also claims to have grown consistently by at 100 per cent every year since its founding in 2013.
Tongshifu says the proceeds will be used to expand production scale, improve management and drive collaborations with Xiaomi-affiliated companies to extend product lines.
The company last raised $16 million in its first round led by Shunwei Capital and Xiaomi Ventures in 2017.
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