Following the Lead of China’s VIPShop, FClub Gets $30 Million Series B Funding

Despite a fairly sluggish VC funding scene in China this year, the Chinese flash sales site FClub has secured $30 million in series B funding. This significant second round – three times larger than FClub’s first, back in April 2011 – was led by IGC, along with IDG Capital, Zero2IPO Capital, and SK Capital.

The news comes from the VP of FClub.cn, Yi Zongyuan, in a post on his personal Weibo account. The flash sales site – also sometimes referred to as “VIP sales” in the industry – launched in July 2009 and focuses on mid-range clothing and accessories, with some luxury offerings as well. The site partners with over 1,500 brands to buy up items that are then sold over a period of just five days to its members.

The return of IDG and Zero2IPO in a second round could be construed as a very good sign for FClub’s growth in the past year. The site is following the path first taken by the Chinese flash sales site VIPShop, which listed on the NYSE in March of this year.

Speaking to the Chinese media last week, Zero2IPO’s Wang Lipeng praised FClub’s “precise positioning and meticulous management” in this tricky B2C e-commerce sector.

FClub has self-reported having two million registered users, of whom 400,000 are active. It has 500 employees, including all those at its warehouses. Based in Shanghai, the startup site has offices in Guangzhou and Hong Kong too.

[Source: Donews – article in Chinese]