New Horizon backs China B2B plastics trading platform

GX Capital, Qiming Venture Partners, IDG Capital Partners and angel investor Zhen Shun Fund also participated.

Zhaosuliao was set up last year, providing an online platform for sellers and buyers to trade plastic raw materials, such as polypropene (PP) and polyvinyl chloride (PVC). It is intended to improve pricing transparency and help customers find the cheapest goods online.

Matrix and Zhen Shun Fund provided RMB10 million ($1.6 million) in seed funding last June. Early this year, Qiming and IDG led a $20 million Series A round for the platform. Zhaosuliao's trading volume surpasses RMB2 billion every month and is expected to reach RMB35 billion by the end of this year.

The new capital will be used to build up market share, upgrade IT systems and collect transaction data, Bin Mou, founder and CEO of Zhaosuliao, told local media. The company also plans to improve its operational efficiency in logistics and online payment.

In a similar transaction, Chinese B2B steel trading platform Zhaogang.com received a $100 million Series D round led by IDG Capital Partners and Huasheng Capital in January. Bull Capital Partners, Sequoia Capital and Matrix also participated. 

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• Topics
• Greater China
• Technology
• Expansion
• China
• New Horizon Capital
• Commodities
• Venture
• Growth capital
• TMT
• Qiming Venture Partners
• IDG Capital Partners