A company called E-commerce Site is raising $1.5 million in Series B funding, with the funding coming from Chinese online retail giant Alibaba Group.
The round, led by Chinese online retailer JD.com, was announced earlier this month.
The funding follows a $1 billion investment last year by Chinese Internet giant Tencent, which also took part in the round.
“We’re excited to be the first Chinese company to launch in Australia with this new Series B round,” said founder and CEO James Fong.
“It’s a great platform for us to work on further expansion and grow the business.”
E-Commerce Site will launch in 2018, with plans to expand into Australia and China.
The company’s aim is to create a marketplace where sellers and buyers can shop, buy, sell and exchange goods.
It also plans to allow its sellers to earn money by selling to consumers via the site.
E-Shop and BuyE-Shop offer two types of buying: buying items with cash or through a credit card and then paying the seller for goods in the marketplace.
In order to help their sellers earn money, the companies have built a “sell” function that will allow sellers to accept credit card payments.
The product can then be bought from a third party or used to pay for goods to be delivered to the seller’s location.
The new funding round, along with an undisclosed number of smaller investors, will help the company continue to expand and grow its business.
The Chinese e-commerce market has been growing rapidly since Alibaba launched the platform.
In 2016, the Chinese online shopping site Taobao made a $13.5 billion in revenue and grew to become the second largest online shopping platform in the world.
Alibaba Group has said that its plans to become an “accelerator” for China’s e-Commerce sector have the potential to bring billions of dollars of revenue to the country.
Alibaba, which launched the e- commerce site in 2014, has since become a major player in the region, operating in 70 countries.
E-Commerce site’s growth has also been driven by its partnership with e-bay, which was created in China in 2016 and now has more than 4 million sellers and more than 200 million active buyers.
Alibaba has also become a dominant player in Asia, becoming the second-largest e- shopping site in the Philippines in 2017 and China’s largest e-tailer by volume in 2017.
Alibaba also has a presence in the United States, including online sales in the states of California, New York, Connecticut and Massachusetts.
Alibaba says it has about 70 million registered sellers in the US, which is more than any other e-store.