China equipment rental player gets $167m in equity, debt funding
Zhongneng United, a Chinese construction equipment supplier specializing in aerial work platforms, has raised RMB150 million ($22 million) in equity funding as an extension to its Series B round and secured an additional RMB1 billion in bank financing.
The Series B round closed at $50 million in April, led by Source Code Capital and featuring Series A backer Buhuo VC. Zhongneng didn’t name the investors in the extension, merely saying it had now accumulated more than RMB500 million in funding. The bank financing came from the likes of Industrial & Commercial Bank of China (ICBC), China Merchants Bank, Bank of Jiangsu Bank, and Bank of Ningbo.
Founded in 2016, Zhongneng rents out a range of aerial work platforms, including shear forklifts, straight-arm scaling ladder trucks, and trailer-mounted boom lifts. Its 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.
Tianli Yang, Zhongneng’s co-founder and CEO, emphasized the commitment to creating an integrated global platform for industrial machinery services that is rooted in technology, according to a statement. He noted that big data, internet-of-things, and artificial intelligence will transform the traditional equipment rental industry, solving structural problems such as low utilization rates and mismatches between demand and supply.
The company has more than 10,000 pieces of equipment at its disposal and has established partnerships with suppliers including US-based JLG Industries, China’s Lingong Group and Sinoboom, and France’s Haulotte. The sales nationwide sales network is supported by 60 warehouses and service centers. Zhongneng claims more than 10,000 clients.
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