Pinduoduo is a giant in China but relatively unknown in America. It’s looking to change that with a new app, Temu, that sells ultra-cheap clothing, with thousands of new items added daily. Sound familiar?
UAE’s sovereign wealth fund Mubadala is a major investor in this round as are existing investors, private equity firm General Atlantic (GA) and venture capital group Sequoia Capital China, said two of the people and a separate person with knowledge of the matter.
Chinese-owned e-commerce upstart Temu made its Super Bowl debut on Sunday, an unofficial coming-out party for an online shopping app that’s climbed American download charts since its debut late last year.