A Chinese e-commerce startup called LemonBox that imports vitamins and health products from the US has reportedly raised funds amounting to $2 million in a funding round led by Y Combinator.
The funds have been basically raised to develop its business.
The company has pulled in the new capital also from 10 other investors includingPartech, Tekton Ventures, Cathexis Ventures, Scrum Ventures and 122 WestVentures.
The company was started when co-founder and CEO Derek Weng, a former employee at Walmart in the U.S, saw an opportunity to organize the common practice of bringing health products back in China. The service is primarily a WeChat app which taps into China’s ubiquitous messaging platform.
LemonBox said it hopes to work with health and fitness-related services in the future to gather data, with permission, to help refine the personal approach. The company’s team has now grown to 20 people, with 12full-time staff and 8 interns.
“This is the first time people in China have ever seen this level of customization for their vitamins,” Weng said. “WhatLemonBox offers resonates with me and is serving a clear China market needs.Walmart in I travel a lot between China and the U.S, and I often was asked by my relatives to help purchase and carry them similar products like vitamins,”
Along with this, Qi Lu, the former Microsoft and Baidu executive who leads YC’s new China unit, said he is“bullish” about the business.