---
title: "Ecom ERP Tokowhale Raises Multi-Million RMB Angel from White Rabbit — SEA MCN BaiTube JV"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2022-11-07T18:13:36+08:00"
canonical: "https://ffcap.cn/en/research/20221107a077nb00"
source: "https://ffcap.cn/en/research/20221107a077nb00"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20221107A077NB00"
---

# Ecom ERP Tokowhale Raises Multi-Million RMB Angel from White Rabbit — SEA MCN BaiTube JV

_Unique Research · Company / Funding · November 7, 2022_

On **Nov 7, 2022**, ecom ERP **Tokowhale / Jingzhan (鲸绽科技)** raised a multi-million RMB angel from **White Rabbit Holdings (白兔控股)**. Beyond cash: JV SEA MCN **BaiTube PTE. LTD.** for creator signing/incubation. Founded Nov 20, 2021 — Shopify/Shoplazza/WooCommerce ERP (orders, reports, WMS, smart replenishment) for China DTC independents; Mar 2022 pivoted to SEA with Indonesia core.

Why ID: social-seller logic matches domestic brand-seller stack; TikTok ID largest GMV / 100k+ sellers / MCN 2.0; TikTok×BCG: APAC shopping-entertainment $1T by 2025, ID #1 at 26% GMV. Local US ERPs ~¥50k ASP vs Tokowhale ~1/10; FB has Vrich, TikTok ERP underserved. Traction: 500 ID clients, ASP ¥5–10k; expanding TH; 2023 replicate across SEA. Localized pre-purchase for wholesale-market multi-APP restock; live-creator match tool (Feigua-like). Team: Shenzhen R&D + ID local; CEO Stella (Global Sources/Xiaoman/Shoplazza); CPO Zhang Yubo; CTO Tan Zhongtao. White Rabbit: 1,000+ creators incl. Luo Wangyu-class KOLs.

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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20221107a077nb00
On-site reading page: https://ffcap.cn/en/research/20221107a077nb00