Metao

About Metao

Metao, initially launched as CNHaitao in March 2014, was a Beijing-based e-commerce startup that aimed to capitalize on the burgeoning trend of Chinese consumers purchasing goods from overseas. The company was founded by Xie Wenbin, who, despite having no prior experience in overseas e-commerce or even international travel, identified a significant market opportunity. The platform was designed to connect Chinese consumers directly with international brands, allowing them to purchase a wide array of products including clothing, cosmetics, toys, and electronics online.

The company's business model evolved in its early stages, pivoting from a shopping guide and a 'we-buy-it-for-you' service to a B2C platform that utilized daily sales to attract and retain customers. This strategy initially proved successful, and by late 2014, Metao claimed to have nearly one million users with monthly sales exceeding RMB10 million. The most popular product categories on the platform included cosmetics, skin care products, women's apparel, and health supplements.

Metao secured significant financial backing shortly after its inception. Following an initial angel round, the company raised a $5 million Series A round from Matrix Partners China in July 2014. This was quickly followed by a substantial $30 million Series B round in November of the same year, led by Vertex Venture with participation from Morningside Ventures, Greenwoods Investment, and the returning Series A investor, Matrix Partners. The raised capital was intended for market expansion, branding, logistics, and warehouse construction. Despite its promising start and significant funding, Metao faced operational challenges and intense competition. The company ceased operations around early 2016, with its social media going silent and its office being deserted.