Chinese Retailer Vipshop Nets $20 Million Series A

Beijing-based online retailer Vipshop has raised $20 million in a first round of funding from Menlo Park, Calif.-based venture firms DCM and Sequoia Capital. Formed in 2008, Vipshop focuses on so-called “flash sales,” offering low-priced, name-brand items for sale for a limited time period. The company has more than 1.5 million members in China and will use the financing to expand its marketing and infrastructure.

North AmericaUSBriefs