Alibaba in­vests in US com­merce site

China Daily (Canada) - - NEWSCAPSULE -

Chi­nese e-com­merce gi­ant Alibaba Group made a $15 mil­lion in­vest­ment in US lux­ury e-com­merce site, which tar­gets buy­ers of high-end art and de­sign.

New York-based, founded in 2001, re­ceived $15 mil­lion in Se­ries C fund­ing from Alibaba, ac­cord­ing to tech anal­y­sis news site Re­code.

1stdibs is backed by in­vest­ment firm Bench­mark Cap­i­tal and pre­vi­ously raised $42 mil­lion in Se­ries B fund­ing from In­dex Ven­tures and Spark Cap­i­tal at the end of 2012.

David Rosen­blatt, CEO of 1stdibs, told Re­code that onethird of 1stdibs’ busi­ness is now done out­side the US. “In the long run, China and, by ex­ten­sion, Asia should be the big­gest mar­ket in the world,” he said.

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