Yamibuy
 | |
| Formerly | Yamibuy |
|---|---|
| Industry | E-commerce |
| Founded | March 2013 |
| Headquarters | Brea, California |
Area served | United States |
Number of employees |
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| Website | yamibuy |
Founded in March 2013, Yami (亚米) operates as a digital marketplace focused on Asian products.
Description
Yami was created by Alex Zhou, a Chinese student attending Kansas State University, who encountered challenges obtaining authentic Chinese goods in the U.S. due to limited availability and elevated costs. Motivated by the inconvenience of traveling considerable distances to find genuine items, Zhou envisioned an e-commerce platform dedicated to Asian imports.
Upon completing his studies in 2013, Zhou relocated to Los Angeles and raised $50,000 to establish Yami. The enterprise addressed a market void since prominent Chinese suppliers such as Alibaba and JD.com did not offer direct exports to American consumers. Zhou cultivated direct partnerships by visiting Asian grocery stores and establishing business accounts with Chinese distributors, allowing Yami to retail imported products through its online platform. This strategy rapidly gained traction among Chinese Americans and international students.
By 2018, Yami processed $100 million in yearly sales. As of 2022, it caters to over 2 million registered users across the United States, providing more than 260,000 SKUs spanning food, beauty, health, and home goods from upwards of 4,000 brands. The company’s expansion is partly attributed to leveraging social media marketing techniques akin to those employed by larger Asian American corporations. Yami’s main office is located in Brea, California.
History
- Yami commenced operations in March 2013 in Los Angeles, California.
- In 2014, the company launched its Beauty and Home product lines, achieving a monthly GMV of $1.5 million.
- The Yami Marketplace debuted in 2015, incorporating a combined B2C and B2B business model.
- Monthly GMV escalated to $8 million by 2016, surpassing $47 million annually.
- In 2017, Yami obtained $10 million through a Series A funding round led by GGV Capital.
- June 2019 saw Yami enter an MOU with South Korean food retailer Haitai to boost Asian brand presence in North America.
- In 2020, Yami expanded into fresh food delivery with Yami Fresh initially serving the greater Los Angeles region before extending nationwide.
- A collaboration with Michelin Guide Restaurant Ivan Ramen in 2021 introduced a Japanese home cooking kit aimed at promoting Asian culinary traditions.
- In 2022, Yami enhanced its fulfillment services agreement to strengthen Asian businesses’ footprint in North America and expanded its online marketplace. Additionally, it raised $50 million in Series B funding to accelerate growth and deepen cultural connections by enabling consumers to experience Asian products more readily.
Funding
In July 2017, Yami secured $10 million in Series A financing led by GGV Capital, with contributions from New Oriental Education & Technology Group Inc. and K2VC.
The company raised $50 million during a Series B round in 2022, co-led by Altos Ventures and Balsam Bay Partners alongside continued investments from J.P. Morgan and GGV Capital. These resources are allocated toward expanding U.S. operations through a new warehouse facility in New Jersey designed to expedite delivery times and investing in AI and big data solutions aimed at optimizing supply chain management and enhancing customer experience.