New D2C Home Tech Brand Banrixian Wins Pre-A Round Financing
Banrixian, a home technology brand, recently received tens of millions of Pre-A round financing, which was led by Source Code Capital and followed by K2VC, with Foresight Capital acting as the exclusive financial consultant. This round of funds will be mainly used for product R&D, channel construction, marketing promotion and team expansion.
Banrixian was founded in November 2020. The founder Zeng Mohan has extensive consulting experience and an Internet background and was previously the co-founder of Zhufaner, a Chinese home decor retailer.
Mattress is the first field of Banrixian. The mattress market has grown rapidly in the past few years, with an annual growth rate of about 15% while the market scale has reached 100 billion yuan. However, the concentration and penetration rate of the industry is rather low, and there is a lot of room for new brands to grow. More and more emerging consumers favor the comfort brought by new mattresses and are willing to invest more for a good night’s sleep.
Zeng Mohan said that as a new prominent brand, Banrixian hopes to use the Internet platform and integrate the best domestic supply chains to promote information transparency within the mattress industry and provide consumers with better products overall.
According to Zeng Mohan, mattresses can be roughly divided into three layers, namely, fabric, comfort and spring. The most important layer is the comfort layer as all of the materials currently being used have some type of problems associated with them.
Banrixian has adopted China’s self-developed “carbon fiber TPEE” as a new material for the comfort layer. The new mattress products introduced have many advantages such as comfort, body pressure dispersion, antibacterial and mite prevention, good air permeability and durability. Zeng Mohan said that the price of this material is 8-10 times that of common mattress materials, and it is often used in some high-performance engineering fields such as high-speed rail shock absorption, luxury car safety parts and medical surgical clothes.
The company is paying attention to the core needs of different types of consumers. For example, for growing children, an appropriate mattress is selected, with extra attention paid to the support, air permeability and fabric safety requirements. For users who need lumbar support or are of older age, mattresses with better supporting force will be introduced.
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In 2022, Banrixian will fully roll out online sales channels, taking mainstream e-commerce channels such as Tmall and JD.com as important sales outlets while improving the transparency of the sales process through live-streaming platforms such as Douyin. In addition, Banrixian will take Shanghai as its center to pilot offline stores, which should number between 8 and 10 by the end of this year.