MeiChai closes RMB10m Pre A round by Qingsong Fund

MeiChai, a social e-commerce platform ofdesigner toys, has completed a Pre-A round of financing, raising10 million yuan from Qingsong Fund. Prior to this, the company also obtained an angel financing round from AlphaX Partners.

MeiChai, a social e-commerce platform ofdesigner toys, has completed a Pre-A round of financing, raising10 million yuan from Qingsong Fund. Prior to this, the company also obtained an angel financing round from AlphaX Partners.

The business model of MeiChai is “80% procurement + 20% distribution”. At present, the company’s mini-program on WeChat has hosted more than 300 brands, more than 1,000 product lines, with five to ten new products launched every week. In the early stage, MeiChai mainly guided users to share in the WeChat group of designer toys by giving away toys for free and encouraging them to share new products.

Now MeiChai can reach more than a thousand WeChat groups every day, with a monthly GMV of nearly 10 million yuan, and an inventory turnover rate of 15-30 days.

Founder Yu Ying said that the culture of designer toys is becoming a consumer culture from the niche to the public. In the meantime, it must continue to break out of the circle, which is also the direction of the future development of MeiChai.

In the future, MeiChai will cooperate with IPs of video games and variety shows etc. to reach more users through cross-sector linkage.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/08/meichai-closes-rmb10m-pre-a-round-by-qingsong-fund/.

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