Alibaba invests in US commerce site
Chinese e-commerce giant Alibaba Group made a $15 million investment in US luxury e-commerce site 1stdibs.com, which targets buyers of high-end art and design.
New York-based 1stdibs.com, 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.