China B2B plastics trading platform gets Series C funding
Kuaisuwang, a Chinese B2B trading platform for plastic products, has raised several millions of US dollars in a Series C round of funding from IRPC, a listed Thai petroleum and petrochemicals company.
As part of the deal, IRPC will also set up a joint venture with Kuaisuwang. The Chinese company previously received Series A funding from Lightspeed China Partners in January 2015, according to AVCJ research.
“As one of the largest petrochemical companies in Southeast Asia, we are very bullish on Kuaisuwang because of its leading position in the industry. We especially like its data-driven business model, which has improved the efficiency of transactions hugely. Starting from this investment, we will continue to tap opportunities in the B2B plastic products trading platform space,” said Sukrit Surabotsopon, chairman and CEO of IRPC, in a statement.
Founded in 2014, Kuaisuwang is headquartered in Guangzhou and has offices in Shanghai, Hong Kong, and the US. In addition to connecting suppliers and buyers, the company provides logistics, supply chain finance, and post-sale consultation services. It is expanding coverage from daily use plastics to include specialty products. The Series C funding will go towards improvements in technologies and services, including advertising and big data.
Industrial materials trading platforms have proven an attractive business model for VC and PE investors in China. Previous activity in this space has focused on Zhaosuliao, a B2B plastics trading platform. Another PE-backed business, steel trading platform Zhaogang filed for a Hong Kong IPO and is reportedly seeking to raise $400 million this year.
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