OkBuy.com

OkBuy.com was positioned in the market as an e-commerce platform based in China, often likened to the operational model of Zappos in the United States. The company was founded in 2007 by Lu Ming with a focus on online retail.

The firm's business model centered on offering a diverse range of products through its online portal. The platform's inventory included discounted items spanning clothing, footwear, sportswear, and outdoor gear, enabling customers to source various goods from a single destination. According to the founder, Lu Ming, the company's profitability was directly linked to the breadth of its product variety, a strategy that necessitated a robust buying team and significant investment in inventory.

OkBuy.com successfully navigated the venture capital landscape to fuel its expansion. In May 2009, the company secured $10 million in a Series A funding round led by Sequoia Capital. This was followed by a more substantial $17 million Series B round in October 2010, with participation from Sequoia Capital, Intel Capital, and Draper Fisher Jurvetson. The raised capital was earmarked for portfolio expansion, team formation, and the construction of warehousing infrastructure, including large facilities in Beijing and Guangzhou.

Despite its initial funding success and strategic growth initiatives, the company ceased operations. PitchBook data indicates that OkBuy.com went out of business on December 26, 2020.

Keywords: e-commerce, online retail, footwear, apparel, venture capital, Sequoia Capital, Chinese startup, Lu Ming, Intel Capital, out of business