Source Code leads round for China machinery rental business
China-based Zhongneng United, which rents out aerial work platforms that provide temporary access to inaccessible areas, has raised $50 million in Series B funding led by Source Code Capital.
Buhuo VC, which backed the company’s Series A last year, re-upped in this round.
Founded in 2016, Zhongneng offers machinery rental services to corporate clients, predominantly in the construction sector. Its devices, most of which are aerial work platforms, including shear forklifts, straight-arm scaling ladder trucks, and trailer mounted boom lifts. The company has partnerships with suppliers such as the US-based JLG Industries, China’s Lingong Group, and France’s Haulotte.
Zhongneng's entire operation - from equipment rental to after-sales services - is now online and the company makes strategic decisions based on the analysis of data collected from clients. Its goal is to become a leading integrated global platform for industrial machinery services.
The company has over 10,000 pieces of equipment and a sales network that encompasses 33 cities across 22 provinces and municipalities. It claims to have served over 10,000 clients.
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