Shenzhen-based VanTop, a Chinese consumer electronics maker targeting the overseas market, has closed a Series A round, raising RMB 300 million (USD 45 million) from Sequoia China, with Galaxy Capital as the exclusive financial advisor, local tech media outlet 36Kr reported on Monday.
Founded in 2017, VanTop develops, designs, and sells products under its titular brand VanTop and subbrands like Vankyo, Snaptain, and HeimVision. The products include dash cameras, projectors, tablets, smart home devices, and more. Although VanTop is not well-known in its domestic market, its products have been available in about 10 countries, including America, Italy, Canada, India, and Germany, and frequently top Amazon’s best-selling list of certain categories.
According to 36Kr, VanTop’s sales in the second quarter soared by 473% year-on-year (YoY) and sales generated in the first half of this year surpassed last year’s total figure. But the detailed number hasn’t been disclosed. Its first projector, released in 2018, topped the category on Amazon (North America) for 24 consecutive months.
Recent years have seen the cross-border e-commerce industry rise and Chinese brands find their way in a broader global market. Per data from last year’s cross-border e-commerce market report, the volume of exports reached RMB 8.03 trillion (USD 1.2 trillion) in China, up 13.09% YoY.
VanTop has announced that it plans to spend the new funds on product research and development, overseas branding, and team building.