SUNNYVALE — BorderX Lab, which helps Western brands target the Chinese market, has raised $20 million in a Series B financing round led by Kleiner Perkins.
Founded in 2014 by three former Google computer scientists, the company’s platform allows consumers around the world to discover and purchase authentic consumer goods and lifestyle products from leading Western brands.
Additional investors in the Series B round include Hillhouse Capital Group, CBC (China Broadband Capital), Welight Capital and iFly Venture Capital. The financing will be used to further drive international expansion, create new platform features to improve the customer experience and continue the hiring of new employees in Sunnyvale and Shanghai.
Beyond App, BorderX Lab’s first product, is the leading cross-border e-commerce solution for global brands and merchants targeting the explosive Chinese consumer market. The company’s mobile app and platform connects American and European brands – in fashion, beauty, healthcare and lifestyle product categories – with the rapidly emerging middle class in China (and soon in other regions of the world).
BorderX Lab partners with more than 50 merchants, including Saks, Peter Thomas Roth, Finish Line, Forzieri and Everlane to bring a catalog of more than five million products to Chinese consumers, who have downloaded the company’s iOS and Android apps more than three million times. The company has generated tens of million in new sales for its top merchant partners in 2017 and has been profitable since Q3 2017.
Based on a technology infrastructure that combines big data with artificial intelligence, BorderX Lab provides Chinese consumers with the same online shopping experience enjoyed by consumers in the U.S. and Europe. Its advanced platform includes intelligent bots that help automate the complex end-to-end shopping experience from integrating merchant product catalogues, to processing consumer orders, to shipping route optimization, to customs and tax processing, and more.
BorderX Lab manages all customer acquisition, authentication and purchase of goods, translation and localization of product information, and local customer support for its merchant partners to make it easy and risk-free for brands to enter the Chinese market.
“Our team has delivered on our vision of bringing the American and European lifestyle to the worldwide middle class,” said Dr. Albert Shen, CEO and co-founder, BorderX Lab. “We’ve removed the hassle of trying to buy authentic goods directly for millions of consumers and of having to deal with currency, language and cultural issues. Now, with the support of KPCB and our other major investment partners, we’ll be able to grow our team and business and provide even better service for our merchants and users.”