October 21, 2010
Popular Beijing based online shoe retalier OKBUY (dotcom) raises $17 million in their 2nd round of funding from Sequoia Capital China VC. OKBUY’s founder Lu Ming said that the funding was necessary in order to increase variety of products offered as it directly influences profitability in the online shoe space in China. OKBUY has 3 large warehouse/storage facilities and will build 2 more by year end. OKBUY is often called the “Zappos of China”. OKBUY also carries clothing, bags and camping/outdoor assessories
Not surprisingly Sequoia Capital was an early ($10M first round funding) investor in Zappos and indespensible in their successful M&A exit strategy. Amazon was the acquirer and Sequoia heavily engineered the M&A outcome according to Zappos founder, Tony Hsieh.