Sequoia Capital China and Gaoraong Capital led a $100m Series B funding round in Chaowanzu, a Chinese online designer toy platform with social commerce. Additional investors include Bertelsmann Asia Investments, K2 Angel Partners, and Panda Capital. The startup will use the new financing for user acquisition, talent recruitment, and business expansion. The business was founded in 2019 by Shanghai-born entrepreneur Shen Zhenyu.