Wanwu Dezhi, a Chinese e-commerce company focusing on antiques and collectables, has closed its $80 million series C funding round jointly led by China Renaissance’s Huaxing New Economy Fund and Source Code Capital.

Hangzhou-headquartered Wanwu Dezhi, established in November 2018, plans to use the money to upgrade its platform, improve its user service system, and support its personnel training and recruitment, the company said in a WeChat post on Wednesday.

In March 2019, Wanwu Dezhi launched its e-commerce app to sell products ranging from jade jewelry and ceramics to woodcarving works and calligraphy. So far, the app has amassed 42 million registered users and has a monthly transaction volume of 1 billion yuan ($150 million), according to the post.

The company said it works with licensed appraisers to provide an authentication service that helps buyers assess the value of their purchases before delivery.

“Launching the authentication service marks our first step in reshaping the industry which is still at its early stage … the new fundraising will help us work with more excellent talents to upgrade the industry and provide more professional services and quality products,” said Wanwu Dezhi founder and CEO Tang Jinshang in a statement.

Contact reporter Ding Yi (yiding@caixin.com)

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