Black Unique Group recently announces its more than US$10 million in Series A round of financing with INCE Capital as the exclusive investor, and TH Capital the exclusive financial advisor. This is INCE’s first investment in 2020, one that has injected a shot in the arm for the membership-based e-commerce industry. Black Unique Card says the proceeds from the fundraising will be used to further enrich and enhance the breadth and depth of membership discounts and privileges, construct an integrated service system, merge online and offline commerce as well as everyday life consumption scenes, aiming to establish a brand new, catch-all consumer portal.
With the spread of a more rational consumption view, 90% of consumers are pursuing value-to-money goods and services. Cost-saving and convenience have become the “must-have”, which directly calls for higher company competitiveness. In the process of mutual reinforcement, the membership-based economy organically connects the consumer and supply side, driving interactive improvements in both sides to jointly create new value. Based on the variety of benefits and its unique services, the Black Unique Group stood out as a dark horse in 2019, creating a new category in e-commerce - the benefit-clustered, membership-based e-commerce platform.
Meeting comprehensive user needs in omni-scenarios covering F&B, entertainment and shopping, by providing more than 200 privileged offers, including up to 20% shopping discounts in over 10,000 malls and hypermarkets across the country, up to 30% discounts at gas stations nationwide, up to 50% discounts for big dining brands, and up to 60% shopping discounts on popular e-commerce platforms, Black Unique Group has seen rapid development since its founding. Built on the privilege system and its online mall, it has attracted more than 50 million users in just one year, with active users over 25 million.
JP Gan（甘剑平）, a Founding Partner of INCE Capital, says, "With the mobile Internet-based lifestyle, popular and high-frequency product and service discounts, "Black Unique privileges" can connect multiple online and offline consumer scenarios and generate cross-sector cross-selling and network effects. We recognize the viability of this membership-based, privilege-clustered e-commerce business model." Alex Yan（严靖凯）, Principal of INCE Capital, indicates that cross-selling and network effects are the crucial growth factors of the company. The effects could be understood as a combination of scope economy and scale economy: the more types of suppliers, merchants, and users participate in the transaction, the greater network effect can be observed on the platform.
The Black Unique Group has acquired a large number of users in a short period of time, which proves the company's strength in generating traffic and achieving growth. The team continues to broaden consumer scenarios based on the insights of consumer needs, showing us their ability to understand emerging consumer needs and the potential for longer-term business development. As the exclusive investor in this round, it is also the first deal by INCE Capital in 2020. We hope that the company, as its English name Black Unique suggests, can prevail in the sector competition like a gallant knight on a dark horse", says JP Gan.
The global economic environment was under the impact of the pandemic in early 2020. But the colder the winter is, the more capital will gather towards leading deals of great quality. The Black Unique Group combines the major high-frequency daily consumption scenarios of "F&B, entertainment and shopping", by providing users with a comprehensive, multi-scenario, and high-penetration consumer experience. The successful fundraising of the Black Unique Group against market difficulties proves the promising prospects and potentials of the membership-based e-commerce segment in the capital market. The investment also shows the capital market’s recognition of Black Unique Group’s strategy in building a new omni-category consumer portal, and the willingness to help it continuously improve its service system.
She Xiwei, Founder of the Black Unique Group, expresses that the company continues to lead in the membership-based, privilege-clustered e-commerce market, mainly due to its continuous expansion of consumer scenarios for users, enhancement in discount variety and rate, and improvement of user stickiness and repurchase rate. Meanwhile, the company continues to listen to the voice of users to understand their needs, and invest resources to address those diversified needs. They keep launching customized offerings and refining their services to deliver ultra-good products and service experience. In the future, the company will expand its business around "privilege + e-commerce", vertically and horizontally, and build new omni-category consumer scenarios.