Yamibuy
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Formerly | Yamibuy |
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Industry | E-commerce |
Founded | March 2013 |
Headquarters | Brea, California |
Area served | United States |
Number of employees |
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Website | yamibuy |
Established in March 2013, Yami (亚米) is an online Asian marketplace.[2]
Description
[edit]Yami was founded by Alex Zhou, a Chinese student attending Kansas State University. During his studies, Zhou was frustrated by the scarcity and price of Chinese goods in the United States; as noted by the South China Morning Post, Zhou was forced to make a two-hour drive to Kansas City in order to procure authentic goods from China. This and other logistical realities frustrated Zhou, and led to the-then student conceiving of a company that could market Asian goods online.[3][4]
Zhou graduated from the Kansas State University in 2013, after which he moved to Los Angeles to formulate the idea for an e-commerce website which could be used to market and distribute imports from China. He raised 50,000 dollars, and officially established Yami in March 2013. As noted by the South China Morning Post, the new company filled a niche in the stunted market for Chinese goods as two large China-based suppliers, Alibaba and JD.com, did not import Chinese goods into other countries. As such, most Asian supermarkets in the United States imported goods directly from suppliers in China. Zhou's early efforts to gain direct access to these suppliers on behalf of Yami included visiting Asian supermarkets and taking notes on the names of potential suppliers. He then contacted these companies and directly opened business accounts with them, allowing for Yami (which Zhou was operating out of a warehouse) direct access to imported goods. The company then sold these goods in an online marketplace.[3] Using this method of sale, the website gained popularity among Chinese Americans and Chinese students studying in American colleges.[3]
Following its founding, the company grew rapidly, and by 2018 was handling $100 million in transactions a year.[3] By 2022, Yami has surpassed 2 million registered customers in the U.S., provided more than 260,000 stock-keeping units (SKUs) across food, beauty, health, and home categories with over 4,000 brands. Some sources attributed the company's growth to Yami emulating the business practices of larger, Asian American companies which tie social media notifications with product purchases.[3][5] The company headquarters are in Brea, California.[1]
History
[edit]- In March 2013, Yami launched in Los Angeles, California.
- In 2014, Yami launched its Beauty and Home category, and the monthly GMV had reached $1.5 million U.S. dollars.
- In 2015, Yami Marketplace launched and moved into a business-to-consumer (B2C) and business-to-business (B2B) hybrid model.
- By 2016, Yami's monthly GMV reached $8 million U.S. dollars and exceeded $47 million a year.
- In 2017, Yami announced a $10 Million Series A investment led by GGV Capital.[6][7]
- In June 2019, Yami signed an MOU agreement with South Korean-based leading food retailer Haitai at the Consulate General of the Republic of Korea. This agreement solidified Asian brands' presence in North America.[8][9]
- In 2020, Yami ventured into fresh food delivery, Yami Fresh, in the great Los Angeles area during the pandemic and continually expand to the entire United States.
- In 2021, Yami partnered with Michelin Guide Restaurant Ivan Ramen to create an ultimate kit for Japanese home cooking to promote Asian culture through food.[10][11]
- In 2022, Yami signed a fulfillment services agreement to help increase Asian companies’ presence in North America and extend their online marketplace. The same year, Yami raised $50M Series B to boost its online Asian marketplace and connect shoppers to Asian cultures, and continually fulfilling its mission, “Bringing the world closer for everyone to experience and enjoy.”[12][13][14][15]
Funding
[edit]In July, 2017 it announced its $10M series A funding led by GGV Capital. New Oriental Education & Technology Group Inc. and K2VC also participated in the round.[16]
In 2022, Yami announced it has raised a $50 million Series B co-led by Altos Ventures and Balsam Bay Partners, with participation from previous backers J.P Morgan and GGV Capital. Yami uses the latest funding to further its U.S. expansion by opening up another warehouse in New Jersey to speed up delivery times, and to invest in technology like artificial intelligence and big data to strengthen its supply chain and improve customer experience.[17]
References
[edit]- ^ a b "Yamibuy - Brea, CA". Inc.com. Retrieved 2021-03-18.
- ^ "Yami - About Us". www.yamibuy.com. Retrieved 2022-04-20.
- ^ a b c d e "How a taste for soy inspired a US$100 million e-commerce business in America". South China Morning Post. Retrieved 2018-11-30.
- ^ Lin, Daisy. "Yamibuy: from Starving Student to Snack King". EastWestBank ReachFurther. Retrieved 2018-12-02.
- ^ "A Celebration for the Single & Married Alike | The Nanjinger". The Nanjinger. 2018-11-12. Retrieved 2018-11-30.
- ^ "Asian Goods E-Tailer Yamibuy Raises $10 Million". Los Angeles Business Journal. 2017-07-10. Retrieved 2022-04-22.
- ^ Yamibuy. "Yamibuy Announces $10 Million Series A Investment Led by GGV Capital". www.prnewswire.com. Retrieved 2022-04-22.
- ^ ""삼계탕·삼계죽 美 시장 석권"". www.koreatowndaily.com (in Korean). Retrieved 2022-04-22.
- ^ "온라인업체 야미바이 해태USA와 업무협약 - 미주 한국일보". www.koreatimes.com. Retrieved 2022-04-22.
- ^ Kurl, Ann Trieger (May 18, 2021). "Yami sends quarterly boxes with Japanese pantry staples". The Boston Globe. Retrieved 2022-04-22.
- ^ "Acclaimed chef, online Asian grocer create ultimate kit for Japanese home cooking". Good Morning America. Retrieved 2022-04-22.
- ^ "Yoshitsu Co. Ltd (TKLF): Lucky investors are lined up for success – Invest Chronicle". investchronicle.com. Retrieved 2022-04-22.
- ^ "Yami bags $50M Series B to boost its online Asian marketplace". TechCrunch. Retrieved 2022-04-22.
- ^ "The Netflix Effect on Asian Snacks, Noodles Is Real, CEO Says". Bloomberg.com. 2022-04-07. Retrieved 2022-04-22.
- ^ "Yami bags $50M Series B to boost its online Asian marketplace". finance.yahoo.com. Retrieved 2022-04-22.
- ^ "Asian Goods E-Tailer Yami Raises $10 Million | Los Angeles Business Journal". labusinessjournal.com. 10 July 2017. Retrieved 2019-02-12.
- ^ "Yami bags $50M Series B to boost its online Asian marketplace". TechCrunch. 30 March 2022. Retrieved 2022-04-15.