Funding proceeds will be used to launch its Ztore App.
Online shopping platform Ztore.com has raised over $62m (US$8m) in series B funding round led by Welight Capital and Kwai Hung Group in October to help fuel its bid to bring Hong Kong brands to the global stage. Founded in 2015, Ztore.com was able to make its mark through its unique vision of providing an online platform for local brands and SMEs.
By communicating the value of homegrown brands through innovative storytelling methods in their marketing campaigns, Ztore is able empower the 330,000 SMEs in the city that account for 98% of total enterprises.
With over 1,000 Hong Kong-based products to choose from, Ztore users have grown significantly to hit 200,000 within 24 months as residents acknowledge the merits of the platform’s premium product selection.
The startup will use the funding proceeds to launch Ztore App as well as a revamped website powered by a new algorithm that helps predict customer preferences to recommend the best products to buy. Ztore will also work on its in-house R&D to advance its warehouse and logistics management system.
“We will be able to advance our operating systems, develop new technologies to enhance the shopping platform, and launch new services. At the same time, 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,” said Danny Shum, co-founder and CEO of Ztore.com.
“We are a true believer in the team who delivers a better living to Hongkongers. We are very positive about the prospects of Hong Kong e-commerce, and are delighted to support Hong Kong startups with great potential such as Ztore,” said Free Wu Xiaoguang, co-founder of Welight Capital.
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