Vgift Nets Over 10 Million RMB VC Funding for its Corporate Gifting E-Commerce Site

B2C e-commerce site Vgift.com.cn has just wrapped-up a round of funding – which is impressive as it hasn’t even officially opened yet.

It has netted an unspecified “tens of millions of RMB” (at least US$1.57 million) led by the Chinese VC group Hao Wang Jiao. Local media reports that some executives from Baidu (NASDAQ:BIDU), KingSoft (HKG:3888), CD Media, and a few other web companies are on-board as angel investors.

Vgift is – how niche is this – for the purchasing of corporate gifts. That could be one company buying dozens of monogrammed lighters, or it could be one sizeable gift from one businessman to another. The site also offers giftcards so that the recipient can make his or her own choice. Free delivery throughout China is part of the deal, and there’s a free customer support phone-line as well.

The e-commerce site was set up only last month and currently employs 60 people; it’ll officially launch later this month. CD Media’s Yan Zhi-feng is one of the angel investors, and said he was personally optimistic about Vgift’s potential. It has not been revealed precisely how much funding has been raised this time. Indeed, Vgift has apparently already snagged some major corporate clients, such as the Shanghai Pudong Bank (SHA:600000), and the web media company Netease (NASDAQ:NTES), who’ll soon by doing a lot of their corporate gifting via Vgift.

[Source: TechWeb – article in Chinese]