By Daniel Webster, dWeb.News
| BEIJING, July 15, 20,21 /PRNewswire/ -- Venturous Group is China's first CitytechTM Group. It has invested an undisclosed amount to become the lead investor in WeStyle.ai's Series A funding round. Venturous' first investment in Smart Commerce and a significant increase in the Group's ecosystem investment verticals to five.
China's online fashion market is one of the largest in the world and is booming. It is the largest ecommerce category in China. By 2025, it will be 45% of the global market and reach US$450 Billion in annual sales. New and disruptive technologies like Artificial Intelligence (AI), live streaming, and live streaming have made it possible to create business opportunities that were not available until recently.
Venturous Group Chairman and Founder, Mr. Benson Tam says, "We see WeStyle.ai a fantastic opportunity: a brilliant technology platform and unique business model, as well as a brilliant product and platform. Our investment decision was ultimately down to the people. WeStyle.ai co-founders have a proven track record of combining Deep Tech with lifestyle. This is a great fit for Venturous' ecosystem investments.
Venturous Group's core focus is Smart City infrastructure data technology services. However, Venturous also invests, builds, and operates complementary Internet businesses that take advantage of the Group's Deep Tech capabilities and its proprietary ecosystem. The Group creates a Smart Citytech ecosystem through its core and ecosystem investments. This ecosystem can be complemented by other businesses and integrates with the portfolio.
Venturous has previously made investments in WeStyle.ai on the ecosystem side. Venturous previously made investments in companies within the ecosystem verticals Smart Community, Smart Finance Smart Health, Smart Automation and Smart Finance.
Dr. Song Li, co-founder and chairman of WeStyle.ai, said: "Chinese fashion ecommerce represents a tremendous opportunity. The market is already huge and growing at an incredible rate. WeStyle.ai has the unique opportunity to lead in the expansion of personalized online styling services in this retail sector. Our research has shown that consumers are tired of looking through a variety of products to find the right items for them. WeStyle.ai offers a compelling proposition to this large target market of mass-market fashion consumers by leveraging AI technologies that are rapidly evolving and combining human stylists' personal touch.
Mr. Ren Tao is the Co-Founder and Chief Executive officer of WeStyle.ai. He says, "All of our co-founders at WeStyle.ai have already made Zhenai.com China's largest paid dating site." This level of entrepreneurial experience and track record is rare among start-ups. This is a critical advantage as we embark on the next adventure of building our next venture, and this time in an even larger market.
Press room
https://www.venturousgroup.com/media/press-room/
Join us for the virtual event Smart Citytech(TM), Investments in China
29 July 2021, 5:00 - 6:00 p.m. Hong Kong/Singapore Time (11.00 - 12.00 CET).
Moderator: Mr. Richard Quest (anchor at CNN).
Host and panellist: Chairman & Founder of Venturous Group, Mr. Benson Tam
Other panellists include Mr. Savio Kwan, former COO at Alibaba; Mr. TW Lu, Founder & CEO at iSoftStone; Mr. Michael Kwok East Asia Chairman of Arup; Mr. Dale Nicholls Portfolio Manager of Fidelity China Special Situations PLC
Register at www.quest.venturousgroup.com
About the Venturous Group
Venturous Group is China's first Citytech(TMTM) Group. It is an investor, business builder, and operator of Smart City infrastructure-technology services companies. Venturous creates value by transforming cities' futures. It leverages deep Citytech, strategic partnerships, and digital transformation to make cities more sustainable, liveable, and productive in China and elsewhere. Venturous Group's corporate structure permits venture capital, private equity and pre-IPO deals, M&A deals, co-investments and incubation. It also has its own IPO in the works. Venturous Group was founded in 2019. It closed its Series A at Q1 2021 with US$131 millions raised. This makes it the largest Series B in Asia in Citytech. Fidelity China Special Circumstances PLC and Mr. Savio Kwan, the first COO of Alibaba Group and member of Venturous Group's Advisory Board, are two of its anchor investors. It employs 13 people in its offices in Beijing and Hong Kong, as well as Singapore.
About Mr. Benson Tam
Venturous Group's Chairman and Founder, Mr. Benson Tam also holds the largest stake with a Series A investment of US$50 millions. Benson Tam was a leading private equity investor in Asia for over 30 years and was a former Partner at Fidelity Growth Partners Asia. He was involved in "Super-Unicorns", such as Alibaba, AsiaInfo, and WuXi AppTec. His VC/PE career began in 1992 with Hellman & Friedman, Hong Kong. He started Venturous in 2013, which grew into Venturous Group. Benson has been based at Beijing for the past 20 years.
About WeStyle.ai
WeStyle.ai is an AI-stylist collaborative shopping platform that allows for personalized fashion. Its mission is to empower women, men and children to look their best, based on their unique styles. This is done by combining the power and human touch of the company's fashion stylists with Artificial Intelligence technology. WeStyle.ai is a highly personalized fashion e-commerce platform in China. The company's operations are located in Shenzhen, also known as the "Silicon Valley of China" and a major manufacturing hub. WeStyle.ai was established by Dr. Song Li, a serial Internet entrepreneur, and four former senior executives from Zhenai.com (China's largest online dating site). Dr. Li is the company's Chairman, and Mr. Ren Tao (ex-COO of Zhenai.com) as its Chief Executive Officer.
About Dr. Song Li
Dr. Song Li is a serial Internet entrepreneur from China. He has founded two other successful technology start ups. Dr. Li was most recently the Chairman, CEO, and Founder of Zhenai.com. This is China's largest paid dating site operator, with more than 200 million registered users and RMB 2.5 Billion (US$380 M) in revenue in 2019. Before becoming an entrepreneur Dr. Li was an executive director at Morgan Stanley Asia. Columbia University awarded him a doctorate in economics and finance.
SOURCE Venturous Group
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