Largest Online Asian Marketplace Snags $50M Series B Financing
Yami, a direct-to-consumer marketplace for Asian food essentials, products and household goods in North America has revealed $50 million in Series B financing co-led by Altos Ventures and Balsam Bay Partners, with participation from J.P. Morgan and Series A lead investor GGV Capital. Yami will use the funding to speed up delivery times, add to product offerings, improve vendor support on the platform and invest in technology to bolster the supply chain to meet growing demand.
To meet demand in the U.S. market, Yami features more than 260,000 SKUs in the food, beauty, health and wellness, and home categories, including products from such well-known brands as Shiseido, Dr. Jart, CJ Food, Samyang, Calbee, Lotte and Genki Forest.
“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,” noted Alex Zhou, founder and CEO of Brea, Calif.-based 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 No. 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 e-commerce 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, which has U.S. offices in Menlo Park, Calif., and San Francisco, and a Yami board member. “The company’s growth is impressive, thanks in large part to the loyalty of its U.S. 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.”
Focusing on sustainable growth to meet both consumer and vendor demand, Yami will deploy technology enabling hyper-customization for shoppers from different backgrounds, in addition to competitive pricing, while vendors and sellers will gain more insight into product sourcing and inventory forecast.
“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 Menlo Park, Calif.-based 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.”
Since its launch in 2013, Yami has surpassed 2 million customers and now offers more than 4,000 Japanese, Korean, Southeast Asian and Chinese brands. Other e-commerce companies operating in the Asian food space include Bokksu, Quicklly, RocketCart and Weee!
