NEIWAI Valuation, Funding & Investors

NEIWAI is valued at $142M as of October 2019.

Last NEIWAI valuation

$142M

Series C · Oct 2019

Last NEIWAI funding round

$100M

Series D · Jul 2021

Cumulative funding NEIWAI raised

$141M

across 6 funding rounds

Key investors in NEIWAI

  • ZhenFund
  • Qiming Venture Partners
  • Vertex Ventures China
  • QF Capital
  • Huaqiang Chuangtou
  • Vertex Ventures

NEIWAI Overview

About NEIWAI

NEIWAI is a Shanghai-based apparel brand specializing in underwear, loungewear, and athleisure for women. Founded in 2012, the company emphasizes technical fabrics for comfort and support, promoting sustainable practices through quality-focused production available online and in stores across China.


Founded

2012

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$142M (Oct 2019)

NEIWAI Valuation

NEIWAI is currently valued at $142M, based on its Series C in October 2019.

The $18M round was led by Qiming Venture Partners.

NEIWAI valuation by funding round

NEIWAI valuation by funding round
DateStageValuation
Oct 2019Series C$142M

NEIWAI Funding History

NEIWAI has raised a total of $141M across 6 funding rounds.

NEIWAI's first fundraising round was a $900K seed round in March 2015. The most recent completed round was a $100M Series D in July 2021.

NEIWAI funding rounds

NEIWAI funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2021Series DCarlyle Group (lead); Vertex Ventures; Qiming Venture Partners; Vertex Ventures China$100M-Neiwai is a Chinese lingerie brand founded in 2020, initially as a bralette company, and has expanded into athleisure, loungewear, and other lingerie categories. The company raised $100 million in a Series D funding round in July 2021, led by Carlyle Group (also referred to as an unnamed global investment group in some reports), with participation from Qiming Venture Partners, Vertex Ventures, Vertex Ventures China, and Investarget. Funds are earmarked for research and development, brand building, and expansion of domestic and international sales channels, including a new U.S. office and international website. Neiwai has demonstrated rapid growth, with total sales increasing 260% year-on-year as of mid-2021. Monthly sales exceeded $30 million, equating to over $360 million annualized, supported by a 50% repurchase rate and strong e-commerce presence. The company releases up to 500 new SKUs per season and gains popularity through ad campaigns featuring diverse body types. Operating in China's $61 billion lingerie market, Neiwai is part of a broader trend of VC interest in underwear and lingerie startups, with its $100M round highlighted alongside others like SKIMS and Savage X Fenty in 2021 analyses.
Oct 2019Series CQiming Venture Partners (lead)$18M$142MNEIWAI is a Chinese intimate apparel company that raised capital across multiple funding rounds. In October 2019, the company completed a Series C financing round led by Qiming Venture Partners, at which point it was valued at $141.54 million. The round was supported by prominent venture capital investors focused on early-stage Chinese technology and consumer companies. NEIWAI went on to raise a Series D round of $100 million in July 2021 with participation from Qiming Venture Partners, Vertex Ventures China, and other institutional investors, demonstrating continued investor confidence. In total, the company raised $142.9 million across six funding rounds from 2016 through 2021.
Apr 2018Series BHuaqiang Chuangtou (lead)$9M-NEIWAI is a Chinese lingerie brand founded in 2012 that pioneered body-positive messaging and sizing for Asian body types. The company started with comfortable bralettes and expanded into lingerie, loungewear, and athleisure, becoming one of China's leading digital-first lingerie brands competing in the country's $61 billion underwear market. The brand had achieved 1.5 billion RMB in online sales revenue by 2018, with a 500% worldwide online growth rate that year. By 2020, NEIWAI operated over 110 offline stores across 30+ Chinese cities and had begun international expansion, launching an English-language ecommerce site in August 2020 and setting up operations in the US market. The company went on to raise a $100 million Series D round in July 2021, bringing total funding to $142.9 million across six rounds, with prominent investors including Qiming Venture Partners, Vertex Ventures China, Sequoia Capital, and Genesis Capital.
Jul 2017Series BVertex Ventures China (lead); ZhenFund; Zhencheng Capital; Huaqiang Chuangtou; QF Capital$11M-NEIWAI is a Chinese intimate apparel brand founded in 2012 that initially focused on non-steel ring underwear before expanding into casual home wear and sportswear. The company operates both direct-to-consumer and retail channels, with over 120 brick-and-mortar stores across first- and second-tier Chinese cities by 2021. In November 2017, NEIWAI completed a Series B funding round of approximately $10.8 million led by Vertex Venture Holdings with participation from other investors including ZhenFund. The proceeds were allocated toward product development, brand building, and expansion of distribution channels both domestically and internationally. By October 2019, the company had achieved a valuation of $141.54 million, indicating significant growth between the 2017 Series B and subsequent financing rounds.
Aug 2016Series AZhenFund; QF Capital$3M-NEIWAI raised a total of $142.9M over 6 funding rounds, including investors QF Capital and ZhenFund in early rounds. The company's latest round was Series D for $100M on July 15, 2021, led by undisclosed investors, Qiming Venture Partners, and Vertex Ventures China. A valuation of $141.54M was reported in October 2019 during the Series C round.
Mar 2015SeedZhenFund (lead)$900K--

Who has invested in NEIWAI?

8 investors have backed NEIWAI across its funding rounds, including ZhenFund, Qiming Venture Partners, Vertex Ventures China, QF Capital, Huaqiang Chuangtou and Vertex Ventures.

Lead investors include Carlyle Group, Qiming Venture Partners, Huaqiang Chuangtou, Vertex Ventures China and ZhenFund.


NEIWAI Investors

Investors in NEIWAI by funding rounds participated
InvestorHQRoundsRoleFirst check
ZhenFundChinaBeijing3LeadMar 2015
Qiming Venture PartnersChinaShanghai2LeadOct 2019
Huaqiang ChuangtouChinaBeijing2LeadJul 2017
Vertex Ventures ChinaChinaBeijing2LeadJul 2017
QF CapitalChinaShenzhen2ParticipantAug 2016
Vertex VenturesSingaporeSingapore1ParticipantJul 2021

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NEIWAI Competitors

NEIWAI competitors include listed companies like Stealth Group Holdings and Bjorn Borg, and private ones like Strathberry, Citykart, Monos and Quansu Zaixian.

Public and private companies comparable to NEIWAI
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Stealth Group HoldingsAustraliaAustraliaPublicly listed$104M$10M$140M1.3x
Bjorn BorgSwedenSwedenPublicly listed$106M$16M$147M1.4x
StrathberryUnited KingdomEdinburghPrivate--$135M-
CitykartIndiaNew DelhiPrivate$96M-$150M1.6x
MonosCanadaVancouverPrivate$50M-$150M3.0x
Quansu ZaixianChinaChengduPrivate--$150M-

NEIWAI Public Comps

NEIWAI is still privately-owned, but its public comps include Stealth Group Holdings, Bjorn Borg, Piquadro, Look Holdings, Tilly's, Daidoh, Vince Holding, Lanvin Group, Duluth Holdings and Geox.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Stealth Group Holdings$104M$10M1.6x1.3x15.9x13.9x
Bjorn Borg$106M$16M1.5x1.4x9.9x9.6x
Piquadro$208M$39M0.9x0.8x4.6x9.4x
Look Holdings$335M$30M0.4x0.4x4.2x-
Tilly's$554M($7M)0.4x0.4x(33.9x)34.5x
Daidoh$209M$14M0.9x0.9x13.0x-
Vince Holding$300M$14M0.8x0.7x17.5x9.8x
Lanvin Group$277M($210M)2.5x2.7x(3.3x)(7.5x)

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Common questions about NEIWAI

When was NEIWAI founded?NEIWAI was founded in 2012.
Where is NEIWAI headquartered?NEIWAI is headquartered in San Francisco, CA, United States.
Is NEIWAI publicly listed?No, NEIWAI is a private, VC-backed company.
What is NEIWAI's valuation?NEIWAI was last valued at $142M in its Series C in October 2019.
How much funding has NEIWAI raised?NEIWAI has raised $141M across 6 funding rounds.
What was NEIWAI's last funding round?NEIWAI's last funding round was a $100M Series D in July 2021, led by Carlyle Group.
Who are NEIWAI's investors?NEIWAI's investors include ZhenFund, Qiming Venture Partners, Huaqiang Chuangtou, Vertex Ventures China, QF Capital, Vertex Ventures, Zhencheng Capital and Carlyle Group.
Which companies are comparable to NEIWAI?Companies comparable to NEIWAI include Stealth Group Holdings, Bjorn Borg, Strathberry, Citykart, Monos and Quansu Zaixian.

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