Annual sales will exceed 40 million US dollars, and Guangzhou sellers will receive nearly 10 million yuan in financing

Recently, POVISON, a cross-border home furnishing e-commerce platform, completed a nearly 10 million US dollars Series A financing , with Skyline Ventures as the investor . This round of financing will be mainly used for brand building, supply chain digitization and fulfillment system construction.

POVISON's parent company, Muse Technology (Guangzhou), was established at the beginning of last year. Although it looks "young", Muse Technology has received three rounds of financing. In addition to this time, according to the introduction on Muse Technology's official website, it completed the angel round of 10 million yuan financing from Alibaba eWTP Fund in February last year, and then completed the Pre A round of 10 million yuan financing in November.

It is understood that Muse Technology focuses on the North American market. POVISON's current mainstream products are mainly large items such as sofas, dining tables, TV cabinets, etc. in indoor furniture.

In terms of sales channels, POVISON currently not only has its own website and independent APP, but also has a brand store on Amazon. However, when it comes to product variety, the products on the self-built website are richer. Despite this, some products sold on Amazon have also achieved good results, and two dressing tables have even made it into the top ten of the best-selling dressing table list. It is predicted that POVISON's omnichannel sales will exceed US$40 million in 2021.

It is well known that the furniture market was very popular in 2020, and this year's performance seems to be good. According to data released by the General Administration of Customs in October, from January to September 2021, China's total exports of furniture and parts amounted to 345.3 billion yuan, compared with 269.96 billion yuan in the same period last year, a year-on-year increase of 27.9%.

Lin Yu, founder of POVISON, said that the North American furniture retail market is extremely dependent on imports, and commodity imports mainly come from the Chinese market. At the same time, affected by the stay-at-home economy during the epidemic, the penetration rate of B2C furniture e-commerce in the United States has exceeded 20% in 2020, exceeding 14% in 2019, and is still expanding in 2021.

At the same time, North American e-commerce platform Wayfair also emphasized this in its third-quarter financial report. Although some American consumers who were originally forced to shop online have gradually returned to offline shopping as vaccines become more popular and social bans are relaxed, supermarkets have reopened, but some consumers are still accustomed to online shopping. This will become a continuous driving force for e-commerce consumption.

However, it should also be noted that although the furniture e-commerce market is developing rapidly, the category still faces huge challenges. For example, the digitalization of the furniture industry's supply chain and the stable and high-quality fulfillment of goods have always been pain points for the entire industry. This requires sellers to invest higher costs.

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