With a new $50 million Series B funding round, Asian online marketplace Yami is doubling down on beauty.
WHO: LA-based Yami was founded in 2013 by Alex Zhou as a direct-to-consumer marketplace for Asian food, skincare products, and household goods with an authentic offering of Asian culture, tradition, and products to both Asian Americans and other Americans interested in Asian culture. Yami has 260,000 stock-keeping units from over 4,000 brands across categories serving 2 million customers in the US since its inception.
WHY: The brand will use the latest funding to fuel US expansion by opening up another warehouse in New Jersey, as well as investing in technology to strengthen its supply chain and improve customer experience.
IN THEIR OWN WORDS: "For nearly a decade, we have been the most authentic and expertly curated online marketplace providing the most sought-after Asian products to consumers across North America," said Alex Zhou, founder & CEO of Yami. "During my time as a foreign student living in the Midwest, I experienced the difficulties of finding and purchasing my favorite Asian products. Now, with the number of people who identify as Asian in the United States nearly tripling in the past three decades, we aim to be the #1 resource for these customers along with all Americans. This latest round of funding allows us to continue our dedication to providing the most complete selection of Asian products."
"Yami uses the strength of global eCommerce to provide the comforts of home or cultures that you love no matter where in the world you are," said Hans Tung, Managing Partner at GGV Capital and Yami board member. "The company's growth is impressive thanks in large part to the loyalty of its US customers. This team stands out in its ability to understand and respond to its customers and we look forward to supporting Alex in this next phase of growth."
"Since the company's founding, Alex and his team have relentlessly focused on providing the best selection and service to their loyal customers," said Richard Song, Partner at Altos Ventures. "As a result, Yami has become one of the largest online providers of Asian products in North America. We believe Yami is poised for continued growth and are beyond excited to partner with the Yami team."
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