HyperSKU Successfully Completes Series A Financing
HyperSKU, an up-and-coming B2B solution provider for eCommerce businesses, announced Thursday that it completed its $4 million Series A round of financing.
The Hong Kong-based company has also named Simon de Raadt as the new head of business development to focus on the brand's global expansion into the European market.
IDG Capital and GGV Capital led the round. IDG Capital's investments include Wish, Farfetch (NYSE: FTCH), and Shein, while GGV Capital's portfolio includes Alibaba (NYSE: BABA; HKEX:09988), Wish, Xiaohongshu and Fordeal.
The company announced it continues the European expansion with this financing.
Shawn Zhao, the chief executive officer of HyperSKU stated, "We have seen tremendous uptake in demand and having the support of two premier investors with such strong expertise in eCommerce is proof positive of HyperSKU's viability and market potential."
Founded in August 2018, HyperSKU provides backend infrastructure sourcing and fulfillment. HyperSKU supports its expansion by offering easier access to goods sourced from China and more reliable shipping and delivery to locations across the globe.
The company mentioned that a new eCommerce trend, social shopping (in which shoppers' purchasing decisions are heavily influenced by social media), is also dramatically driving new demand.