China electronics recycling platform raises $46m
Huishoubao, a Chinese online recycling platform for electronic devices, has raised a RMB300 million ($46 million) Series B round led by Asia-focused private equity firm Strait Capital Investment Group.
Existing investors Source Code Capital, Chengwei Capital, CITIC Capital and SMC Capital also participated in the round.
Founded in July 2014, Huishoubao allows people to recycle used laptops, mobile phones, and tablets. Sellers can get cash for their devices or do part-exchanges for newer or refurbished models through electronics shops that have partnerships with Huishoubao. Items are sent to Huishoubao by post and payment is made online.
The company previously received angel funding from Source Code in 2015, and a RMB100 million Series A round, led by Chengwei Capital, in May last year. SMC subsequently joined an extended Series A round. Aihuishou, Huishoubao's direct competitor, received RMB400 million in Series D funding late last year, led by Cathay Capital Private Equity and Shenzhen Fortune Venture Capital.
Founded in 2013, Strait Capital has deployed about $1 billion in Greater China, Japan, Singapore and Southeast Asia across various sectors. In China alone, the firm manages $200 in assets under its China Consumer Fund, which targets at companies that specialize in food safety, healthcare services, and entertainment.
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