China’s Latest $50M In US eCommerce Startup !Hony Capital, a leading private equity investment in China, has invested $ 50 million in cloud and mobile commerce to firm Deem, who recently went to finance the recapitalization led by Ventures and Point Guard various mutual funds. Deem connects a network of more than 17,000 buyers and sellers through a variety of services.
Hony Capital"We are very pleased to have led this financing and believe Deem has the potential to become one of the trading companies and the world's largest SaaS," said John Zhao, CEO of Hony Capital said in a statement . "Over the past two years, he left the financial services vertical and focused on his heart craft, Deem has reduced operating costs, leading products on the market introduced, revenue grew and positioned for dominance World. There is simply no other company
Deem use the new funding to develop and acquire worldwide.
Hony is backed by Legend Holdings, a quasi-government conglomerate that also owns Lenovo. Hony is known for a more sophisticated approach to Western investment in its Chinese peers, reports the Wall Street Journal.
The new buy in based in San Francisco following the purchase of Hony chain restaurant based in London Pizza Express for $ 1.54 billion. The private equity fund has recently been pushing for a presence internationally if that CEO Zhao said is primarily focused on helping meet the wider economic needs of China's largest.
China’s Latest $50M In US eCommerce Startup
"China, in 20, 30 years, being busy become the world's factory, has not done enough to produce brands, technology, a service that could meet domestic needs," he would have said the Journal. "We like to acquire and invest in these global brands, bring them to China and create business growth."