Chinese industrial e-commerce platform gets $160m Series D
Zhenkunhang, a Chinese e-commerce platform that specializes in industrial products, has raised $160 million in a Series D round of funding led by Tencent Holdings.
Additional contributions came from existing investors Eastern Bell Venture Capital, Genesis Capital, Legend Capital, and Matrix Partners China. Zhenkunhang – also known as zkh360.com – has now raised nearly RMB3 billion ($433 million). Its Series C, which closed at $129 million last August, was led by Legend and Tiger Global Management and featured the China unit of energy giant Shell and Oriza Holdings.
Founded in 1996, the company positions itself as a leader in China's maintenance, repair and operations (MRO) space. It serves as a one-stop shop for goods ranging from lubricants, adhesives and industrial safety gear to tools, power transmission equipment, and hydraulic pumps. It claims to carry two million products from more than 5,000 brands and serve over 12,000 industrial customers.
Zhaohui Li, an investment manager with Tencent, said in a statement that the company is bullish about the prospects for industrial supply chain integration and digitization in China. Tencent will help Zhenkunhang upgrade its supply chain capabilities and improve customer service.
AVCJ Research's records show that Zhenkunhang received Series A funding from Cowin Capital in 2015. This was followed by a RMB360 million ($53 million) Series B in 2017 that featured Cowin and Eastern Bell, among others. China Renaissance served as exclusive financial advisor on the Series D.
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