Patpat Valuation, Funding & Investors
Patpat is valued at $227M as of April 2018.
Last Patpat valuation
$227M
Series C · Apr 2018
Last Patpat funding round
$160M
Series D · Aug 2021
Cumulative funding Patpat raised
$721M
across 4 funding rounds
Key investors in Patpat
SIG China (SIG Asia Investments)
IDG Capital
Frees Fund
SoftBank Group
HSG
GGV Capital
About Patpat
PatPat is a San Francisco-headquartered mobile shopping app specializing in discounted baby clothes, kids apparel, and maternity wear from direct manufacturer partnerships. Daily flash sales start at 6am PST with discounts up to 90 percent on licensed designs from Disney and Marvel. The platform ships to the U.S., Europe, and Asia, featuring user-generated content and size charts for ages 0-12.
Founded
2014
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$227M (Apr 2018)
Patpat Valuation
Patpat is currently valued at $227M, based on its Series C in April 2018.
The $48M round was led by HSG, with participation from Frees Fund, IDG Capital and SIG China (SIG Asia Investments).
Patpat valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2018 | Series C | $227M |
Patpat Funding History
Patpat has raised a total of $721M across 4 funding rounds.
Patpat's first fundraising round was a $3M Series B in July 2015. The most recent completed round was a $160M Series D in August 2021.
Patpat funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2021 | Series D | SoftBank Group (lead) | $160M | - | PatPat is a Silicon Valley-based e-commerce platform founded in 2014 by Albert Wang and Ken Gao, specializing in made-in-China baby clothes, children's outfits under age 12, matching family clothing, maternity wear, shoes, bags, and jewelry sold directly to consumers in over 100 countries including the UK, China, and the Philippines. The company positions itself as the world's largest direct-to-consumer kids' clothing brand, with R&D, design, and marketing in Silicon Valley and operations like logistics in Shenzhen, Guangzhou, and Hangzhou. On August 17, 2021, PatPat raised $160 million in a Series D2 funding round exclusively from SoftBank Vision Fund 2, following a $510 million Series D round announced July 19, 2021 led by DST Global with General Atlantic, Ocean Link, and GGV Capital. Prior rounds included a Series C co-led by General Atlantic, Capital Today, and CDH Investments with SIG China, Ocean Link, and Ince Capital, plus a 2018 $47.6 million Series C led by Sequoia Capital, and earlier Series A, A+, and B rounds from IDG Capital, Frees Fund, and SIG Asia. Cumulative funding exceeded $700 million. |
| Jul 2021 | Series D | Capital Today (lead); CDH Investments (lead); DST Global (lead); General Atlantic (lead); GGV Capital; SIG China (SIG Asia Investments); Ocean Link; INCE Capital | $510M | - | PatPat is a Shenzhen-based cross-border children's clothing brand founded in Silicon Valley in 2014, specializing in direct-to-consumer (DTC) kids' apparel, family matching outfits, and mother-and-baby products. It leverages China's supply chain advantages, partnering with over 800 domestic suppliers by 2018, and serves more than 21 million users across 140+ countries, with strong presence in the US, Europe, Middle East, and South America. PatPat ranks first in user recommendation index among US kids clothing brands and topped outbound e-commerce in the 2020 Q4 Brand OS Top100. On July 19, 2021, PatPat raised $510 million in combined Series C and Series D financing rounds, led by Capital Today (Index Capital), CDH Investments, DST Global, and General Atlantic, with participation from GGV Capital, INCE Capital, Ocean Link, SIG China, and others like Sequoia China. This followed prior rounds including Series A+, B, and C, bringing total funding to over $717 million across seven rounds by August 2021. The funds aim to expand into Middle East and South American markets, enhance its AI-driven supply chain, and solidify global brand influence through social media operations on platforms like Facebook (6+ million fans) and TikTok. In 2020, PatPat's annual revenue exceeded 1.4 billion CNY, with sales surging 300% year-on-year amid pandemic-driven online demand. The company demonstrated exceptional operational efficiency via big data and AI for trend prediction and supply chain management. PatPat's competitive edge lies in its data-driven approach, global executive team from Fortune 500 firms, and partnerships with top IPs, positioning it as a unicorn in the competitive DTC apparel sector alongside brands like Shein. By 2025, its valuation reached 21 billion RMB per the Global Unicorn List, and it explored IPO plans potentially valuing it at $3 billion in early 2022 discussions. |
| Apr 2018 | Series C | HSG (lead); Frees Fund; IDG Capital; SIG China (SIG Asia Investments) | $48M | $227M | PatPat is a direct-to-consumer kids clothing brand founded in 2014 by former Oracle engineers Albert Wang and Ken Gao. The company operates a global children's wear e-commerce business leveraging Chinese supply chain capabilities to serve overseas markets. PatPat's Series C funding round closed on April 18, 2018, with a post-money valuation of $227 million. The company had raised approximately $720 million across seven funding rounds by 2022, establishing itself as a significant player in the global children's wear market. Management emphasized the company's competitive advantages through its proprietary supply chain, technology platform, and team composition featuring executives from Fortune 500 companies and top academic backgrounds. The company's strategy focuses on capitalizing on the large but fragmented global kids clothing market, with plans to expand internationally and introduce supply chain innovations to the industry. |
| Jul 2015 | Series B | SIG China (SIG Asia Investments) (lead); Frees Fund; IDG Capital | $3M | - | - |
Who has invested in Patpat?
12 investors have backed Patpat across its funding rounds, including SIG China (SIG Asia Investments), IDG Capital, Frees Fund, SoftBank Group, HSG and GGV Capital.
Lead investors include SoftBank Group, Capital Today, CDH Investments, DST Global, General Atlantic and 2 other investors.
Patpat Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Guangzhou | 3 | Lead | Jul 2015 | |
| Beijing | 2 | Participant | Jul 2015 | |
| Beijing | 2 | Participant | Jul 2015 | |
 Tokyo | 1 | Lead | Aug 2021 | |
| New York City, NY | 1 | Lead | Jul 2021 | |
| San Francisco, CA | 1 | Participant | Jul 2021 | |
| Shanghai | 1 | Lead | Jul 2021 | |
 George Town | 1 | Lead | Jul 2021 | |
 Hong Kong | 1 | Lead | Apr 2018 | |
| Shanghai | 1 | Participant | Jul 2021 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPatpat Competitors
Patpat competitors include listed companies like Uxin and Giftee, and private ones like Babycare, Beauty Selection, Cashify and Wine.com.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Shanghai | Private | - | - | $426M | - | |
 Seoul | Private | - | - | $227M | - | |
 Gurgaon | Private | $36M | - | $236M | 6.6x | |
| China | Publicly listed | $483M | ($16M) | $239M | 0.7x | |
| Japan | Publicly listed | $91M | $20M | $243M | 2.5x | |
| United States | Private | - | - | $209M | - |
Patpat Public Comps
Patpat is still privately-owned, but its public comps include Kogan.com, Uxin, Giftee, Ontex Group, YesAsia, Vente Unique, Shanghai Aiyingshi, ebebek, Verkkokauppa.com and Newegg.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $347M | ($11M) | 0.6x | 0.6x | (19.3x) | 6.9x | |||
| $483M | ($16M) | 1.1x | 0.7x | (35.0x) | (24.9x) | |||
| $91M | $20M | 2.5x | 2.5x | 11.7x | 9.4x | |||
| $2B | $167M | 0.4x | 0.4x | 4.9x | 4.2x | |||
| $502M | $42M | 0.4x | 0.3x | 4.9x | 4.1x | |||
| $231M | $22M | 0.8x | 0.7x | 8.4x | 6.6x | |||
| $564M | $49M | 0.4x | 0.4x | 4.9x | 4.4x | |||
| $569M | $37M | 0.5x | 0.4x | 7.2x | 3.1x | |||
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Common questions about Patpat
| When was Patpat founded? | Patpat was founded in 2014. |
| Where is Patpat headquartered? | Patpat is headquartered in San Francisco, CA, United States. |
| Is Patpat publicly listed? | No, Patpat is a private, VC-backed company. |
| What is Patpat's valuation? | Patpat was last valued at $227M in its Series C in April 2018. |
| How much funding has Patpat raised? | Patpat has raised $721M across 4 funding rounds. |
| What was Patpat's last funding round? | Patpat's last funding round was a $160M Series D in August 2021, led by SoftBank Group. |
| Who are Patpat's investors? | Patpat's investors include SIG China (SIG Asia Investments), Frees Fund, IDG Capital, SoftBank Group, General Atlantic, GGV Capital, Capital Today, DST Global, HSG, Ocean Link and 2 others. |
| Which companies are comparable to Patpat? | Companies comparable to Patpat include Babycare, Beauty Selection, Cashify, Uxin, Giftee and Wine.com. |
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