Yami, a direct-to-consumer marketplace for Asian food essentials, products and household goods in North America, has announced it raised a $50 million Series B funding. Yami features more than 260,000 SKUs across food, beauty, health and wellness, and home categories, including products from brands like Shiseido and Dr. Jart.
Previously: WooWoo Announces £750K Investment Round
The round was co-led by by Altos Ventures and Balsam Bay Partners with participation from J.P. Morgan and Series A lead investor GGV Capital.
Yami will use the funds to speed up delivery times, broaden product offerings, enhance vendor support on the platform and invest in technology to strengthen the supply chain to meet growing demand.
Alex Zhou, founder and CEO of Yami, said, "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. 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."
Hans Tung, managing partner at GGV Capital and Yami board member, said, "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. 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."
Richard Song, partner at Altos Ventures, said, "Since the company's founding, Alex and his team have relentlessly focused on providing the best selection and service to their loyal customers. 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."