PatPat, a retail company which sells baby clothes, and family dresses has received a funding amount equivalent to $510 million dollars. This large capital portion was a result of two funding rounds initiated by the Chinese investors who have succeeded in deeply analyzing the market and finding the winning ticket. The representative round of Series C, which was led by a consortium of General Atlantic, Capital Today, and CDH Shanghai Baifu Wealth Management, was an encouragement for the investors in the Company’s vision and prospects. This particular round of fund raising has been a part of the strategy for capitalizing on the novel global e-commerce boom
In 2014, the two founding members Albert Wang and Ken Gao established PatPat startup in Silicon Valley, a well-known area after their master's degree from Carnegie Mellon University. Everything was created out of personal experience. Their very first realization was when Gao and his wife along with Gao's first little one were in need of clothes both functional and attractive for a small baby. However, they had to struggle to find them and it was this gap which made the founders come up with the PatPat idea. Since its formation, the company has expanded its portfolio with the current offerings being baby girl clothes newborn, infant baby clothes, children's clothes, family outfits, all matching, and home accessories.
Over the decades, PatPat has stood out vividly from its competitors by operating in more than 100 countries which has made the company become one of the world’s leading babywear entities. Its current decision to pick a new area of geographical coverage on the Middle East and South America is a testament of the company’s resolve to strengthen its global roots in various regions. The drive of all this is due to the fastest growing e-commerce markets, which are visible worldwide. By leveraging this growing interest of internet commerce, the company hopes to gain new markets and cement the existing ones.
PatPat –which is located in the San Francisco Bay Area, otherwise known as Silicon Valley– has two other locations in San Francisco as well as Los Angeles. It runs multiple boutiques in China, mainly in Shenzhen, Guangzhou, Hangzhou, and Foshan. Besides, the company's branches in Dublin, Manila, and London, known for their diverse product offerings, have played a key role in the expansion on the world market, featuring popular items such as matching pajamas.
Conclusion
In summary, having reached the milestone of $510 million in funding, PatPat demonstrates how a business model with a worldwide appeal is executed, enriching the online shopping experience. E-commerce as a sector is gaining more attention, and the involvement of Chinese and international investors in this capital game is solid proof of the company's capability of going further in the global market. In 2020, the plan for PatPat was to have its eyes set on the Middle East and the South American areas, recognizing them as growing markets with an evolving online shopping experience. With the widespread adoption of online shopping in these regions, it was the right time for PatPat to make a move. Three years down the line, the company has experienced significant progress, and the baby steps are now proving worthwhile in enhancing the overall online shopping experience.