China industrial e-commerce player Ruigu raises $33.5m
Ruigu Shop, a Chinese online retailer focused on electrical hardware, has raised RMB230 million ($33.5 million) in an extended Series B round led by Immensus Capital.
Additional participation came from Source Code Capital and Chengwei Capital. The company said it has raised RMB330 million in total from the Series B across two tranches.
Founded in 2016, Ruigu operates a platform with more than 10 million listings where manufacturers and buyers can sell and source equipment. It aims to improve the operational efficiency of a fragmented industry by connecting supply and demand. The fresh capital will go toward enhancing a supply chain management system.
“The core of business to customer model is about traction while the business-to-business [B2B] model is more about supply chains,” said Yang Gao, CEO and founder of the company. “The highest priority in the B2B space should be to enhance the capability of supply chains because the operational efficiency of companies boils down to how efficient a supply and logistics chain you could provide to them.”
Industrial materials trading platforms have proven an attractive business model for VC and PE investors in China. Previous activity in this space includes investments in Zhaosuliao, a B2B plastics trading platform, and Zhaogang, a steel trading platform that filed for a Hong Kong IPO and is reportedly seeking to raise $400 million this year.
In November, Kuaisuwang, a Chinese B2B trading platform for plastic products, raised several million dollars in a Series C round from IRPC, a listed Thai petroleum and petrochemicals company.
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