Secoo Holding Limited, a Chinese integrated upscale lifestyle products and services platform, completed a US$55m Series E financing.
The round was led by Ping An Ventures, the venture investment arm backed by Ping An Insurance (Group) Company of China, Ltd.
The company intends to use the funds to continue enhancing its products and services platform and increase brand awareness.
Founded in 2011 by Richard Rixue Li, chairman and chief executive officer, Secoo is a Chinese upscale products and services platform. Through its product selection and sourcing, the company has built a proprietary database on upscale products that guide its authentication professionals and in turn strengthens its authentication capabilities.
The company established its first physical clubhouse in Beijing in January 2011 and has opened three more clubhouses in shopping destinations in different cities since then.