Sequoia China invests $45m in consumer electronics startup VanTop

Shenzhen-based VanTop, a Chinese consumer electronics maker targeting the overseas market, has closed a series A round, raising 300 million yuan (US$45 million) from Sequoia China and with Galaxy Capital as the exclusive financial advisor, local tech media outlet 36Kr reported on Monday.

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Founded in 2017, VanTop develops, designs, and sells products under its titular brand VanTop and sub-brands Vankyo, Snaptain, and HeimVision. Its products include dash cameras, projectors, tablets, smart home devices, and more.

Although VanTop is not well-known in China, its products have been available in 10 countries, including America, Italy, Canada, India, and Germany, even frequently topping Amazon’s best-selling lists in certain categories. Its first projector, released in 2018, topped its category on Amazon (North America) for 24 consecutive months.

According to 36Kr, VanTop’s sales in Q2 2020 soared by 473% year on year and sales generated in the first half of this year surpassed last year’s total figure, though the detailed amount wasn’t disclosed.

Recent years have seen a growth in the cross-border ecommerce industry, with Chinese brands finding their way into a broader global market. As per data from last year’s cross-border ecommerce market report, the volume of exports reached 8.03 trillion yuan (US$1.2 trillion) in China, up 13.09% year on year.

VanTop has announced that it plans to spend the new funds on product research and development, overseas branding, and team building.

This report was first published on KrAsia.