Black Fish, a membership-based e-commerce firm founded by former executives of online travel booking site Tuniu, has raised $50 million in its Series A+ financing round. The round was backed by Lightspeed Venture Partners, Rakuten Ventures, China Growth Capital and Alphax Partners, as well as existing investors Lightspeed China Partners, Morningside Venture Capital, JAFCO Asia, Gobi Partners, Fullcent Capital and Black Fish Technology Management Team.
Black Fish was established at the end of 2017 by Tuniu’s co-founder and former president Haifeng Yan, former CFO Jiahong Yang, former CMO Fuwei Chen and Hao Wang. The company received RMB 950 million (about USD 146 million) in Series A round earlier this year.
Taking a cue from the business models of American Express and Costco, Black Fish builds its own membership system and provides finance, tourism and merchandise services to its registered members.
With an annual membership fee of RMB 299, the Black Fish users can place orders for products or travel services with discounts.
Black Fish is targeting young white-collar workers as its major customer group. The firm claims that it currently has over 10 million credit loan users.