China polymer specialist Topolefin secures $139m Series B
Chinese polymer materials developer Topolefin Technology has raised CNY 1bn (USD 139m) in Series B funding led by local private equity firms Raystone Capital and KingRay Capital.
Other investors include Shang Finance, Huayan Capital Private Equity Fund Management, Ningbo Lanjun Investment Management, F&G Ventures, Zhejiang Zhonglan Venture Capital, Quzhou Holding Group. Existing investor Jiangsu Libert re-upped, according to a statement.
It follows a Series A from HighLight Capital and BioTrack Capital last year. Ofound Angel, an investment firm founded by alumni of Zhejiang University, provided a seed round shortly after inception in 2020.
Topolefin claims to have broken through major bottlenecks of high-performance polymer materials manufacturing related to processes such as monomer synthesis, and high-efficiency catalytic systems. Its products are used in precision optics, intelligent devices, new energy, and packaging materials.
Most of China’s demand for high-end polymers is filled by imports from Japan, which Topolefin recognises as an opportunity for domestic substitution. The company will use the Series B capital to expand production capacity. The first phase of operations was said to have an annual production capacity of 3,000 tons. Total output is targeted to reach 61,000 tons, bringing annual revenue of about CNY 5bn.
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