On November 26, XFZ published the list of top 30 quasi-unicorns for 2020 at the fifth XFZ Young Entrepreneurs Conference. Two INCE portfolio companies are on the list and they are:
Ponhu is a luxury product consignment trading and e-commerce marketplace founded in 2015. Aiming to build industry standards for luxury product circulation, it builds a standardized, information-based and transparent service system covering such key links as product validation, recycling, maintenance and sales. Operated mainly on Ponhu APP, the platform gradually develops an internet-based ecosystem consisting of its WeChat service account, mini-program, official website, and back-end big data. INCE is the lead investor in the company’s Series B funding.
CodeBox is an online trading platform for precious gems and jewelry. Using an innovative video-livestream based interface, CodeBox streamlines the process of jewelry trading. By connecting merchants to appraisers to collectors through the trading platform, CodeBox cultivates an online community of jewelry aficionados who can take advantage of modern technology to make every transaction more efficient and convenient. Innovating identification of precious gems and jewelry, the platform offers free face-to-face exchanges with professional surveyors online, all-around digital identification and appraisal services, and livestreaming sales from source suppliers. INCE is the lead investor in the company’s Series B1 funding.
Through the list of top 30 quasi-unicorns, XFZ aims to look for evolving, aspiring and consistent value-creators. Some 100 companies were selected on the merits of their comprehensive strength, development speed and the potential to become a unicorn in a short term. Jury members include senior investors and founders of unicorns who decided the top 30 ones based on their industrial influence, growth speed, operations, financial status, and prospects.
The naming of two INCE-invested companies as top quasi-unicorns represents a recognition of the two companies' potential and serves as an encouragement for INCE. We would like to congratulate the two winners and wish them a promising future. We also hope to enable more great companies in the future.