LARGEST ONLINE ASIAN MARKETPLACE, YAMI, ANNOUNCES $50M SERIES B TO ACCELERATE EXPANSION

Yami's marketplace is a leading source of Japanese, Korean, Southeast Asian, and Chinese products for Americans

LOS ANGELES, March 30, 2022 /PRNewswire/ -- Yami, a leading direct-to-consumer marketplace for Asian food essentials, products, and household goods in North America – today, announced a $50 million Series B co-led by Altos Ventures and Balsam Bay Partners with participation from J.P. Morgan and Series A lead investor GGV Capital. Yami is utilizing this funding to speed up delivery times, broaden product offerings, enhance vendor support on the platform, and invest in technology to strengthen the supply chain to meet growing demand.

Yami aims to provide both Asian Americans and other Americans interested in Asian culture with an authentic offering of Asian culture, tradition, and products. Since launching in 2013, Yami has provided customers with the nation's largest, most current, and impressive selection of Asian goods. To meet the growing demand in the U.S. market, Yami features over 260,000 SKUs across food, beauty, health & wellness, and home categories; including products from well-known brands like Shiseido, Dr. Jart, CJ Food, Samyang, Calbee, Lotte, Genki Forest, and more.

"For nearly a decade, we have been the most authentic and expertly curated online marketplace providing the most sought-after Asian products to consumers across North America," said Alex Zhou, Founder & CEO of Yami. "During my time as a foreign student living in the Midwest, I experienced the difficulties of finding and purchasing my favorite Asian products. Now, with the number of people who identify as Asian in the United States nearly tripling in the past three decades, we aim to be the #1 resource for these customers along with all Americans. This latest round of funding allows us to continue our dedication to providing the most complete selection of Asian products."

According to a 2021 analysis by the Pew Research Center of the U.S. Census Bureau population, the Asian American population grew 81% since the year 2000 and is projected to triple their population by 2060 – becoming the fastest-growing racial/ethnic group in America.

"Yami uses the strength of global eCommerce to provide the comforts of home or cultures that you love no matter where in the world you are," said Hans Tung, Managing Partner at GGV Capital and Yami board member. "The company's growth is impressive thanks in large part to the loyalty of its US customers. This team stands out in its ability to understand and respond to its customers and we look forward to supporting Alex in this next phase of growth."

With one in 10 Asian Americans choosing Yami as their go-to shopping destination, the company is focusing on sustainable growth to meet both consumer and vendor demand. Yami's newest technology will allow for hyper customization for shoppers from different backgrounds, as well as competitive pricing. While vendors and sellers will have more insight on product sourcing and inventory forecast.

"Since the company's founding, Alex and his team have relentlessly focused on providing the best selection and service to their loyal customers," said Richard Song, Partner at Altos Ventures. "As a result, Yami has become one of the largest online providers of Asian products in North America. We believe Yami is poised for continued growth and are beyond excited to partner with the Yami team."

Since launching in 2013, Yami has surpassed 2 million customers and now offers over 4,000 brands. For more information, visit www.yamibuy.com.

About Yami
Established in March 2013 and headquartered in Brea, California, Yami is the leading DTC marketplace in North America for Asian goods – offering the most complete selection of products favored by the Asian community. Featuring over 260,000 SKUs, Yami's offerings include Asian snacks, beauty & health products, home & kitchen appliances, herbal supplements, and more. While studying in Kansas, founder Alex Zhou, experienced the inconvenience of driving two hours to reach the closest Asian market and wanted to create a solution to help Asian Americans facing the same situation. Yami is the most authentic way for North American customers to experience Asia and aims to provide the most complete and up-to-date selection of Asian products while offering a great shopping experience with quick shipping and outstanding customer service. Learn more at www.yamibuy.com.

About Altos Ventures
Altos was founded in 1996 to invest in early-stage technology companies. Its investment team has worked together through both good and bad markets over multiple decades. After starting with $30 million in committed capital, Altos Ventures Management, Inc. now manages more than $10 billion in assets, supporting the full lifecycle of companies from inception to global growth and profitability. Altos has been the first and lead institutional investor in 100+ companies, with investments in both consumer and enterprise tech companies, with a particular interest in enterprise SaaS, FinTech, e-commerce, and consumer brands and services. For more info go to www.altos.vc

About Balsam Bay Partners
Balsam Bay Partners is an investment firm focused on equity investments in high quality, growth businesses. Balsam Bay seeks to partner with world-class management teams, where a collaborative relationship, sector expertise, and long-term investment mindset help our portfolio companies to thrive and compound long-term value. For more information, go to www.balsambay.com

SOURCE Yamibuy

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