Chengwei backs China electronics recycling platform
China-focused Chengwei Capital has led a Series A round of funding worth about RMB100 million ($15 million) for Huishoubao, a Chinese electronic devices recycling platform.
CITIC Capital also took part in the round, the company said on its official Weibo microblog. The net proceeds will be used for team expansion, service improvements and scaling up the business.
Founded in July 2014, Huishoubao allows people to sell or recycle used laptops, mobile phones and tablets, and relies on third-party operators to collect the goods. The company currently works with more than 3,000 telecom service providers, allowing users to trade in their second-hand electronic goods in shops.
The start-up previously received seed funding from Source Code Capital.
Huishoubao's direct competitor, Aihuishou, has also attracted VC support, with a $60 million Series C round closing last August. Aihuishou handles offline services directly through a network of about 40 service centers in Beijing, Shanghai, Guangzhou and Shenzhen, and provides door-to-door services within 3-5 kilometers of these locations.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.