Qiming, IDG back China B2B plastics trading platform

Existing backers Matrix Partners China and angel investor Zhujie Li, an investment partner at ZhenFund, also participated in this round.

Zhaosuliao was launched by Guangzhou Baisu E-commerce in July. It provides an online platform for sellers and buyers to trade plastic raw materials, such as polypropene (PP) and polyvinyl chloride (PVC).

The platform is intended to improve pricing transparency and help customers find the cheapest goods online. The company claims it makes up of over 90% plastic trading market shares in southern China areas.

Zhaosuliao raised RMB10 million ($1.6 million) in seed funding from Matrix Partners and Zhen Shun Fund in June.

The new capital will be used to scale up the business, expanding into other Chinese cities, Bin Mu, Zhaosuliao's CEO, said in his personal microblog.

In a similar transaction, Chinese B2B steel trading platform Zhaogang.com received a $34.8 million Series C round led by Bull Capital Partners and Sequoia Capital in January last year. The round valued the company at a reported $1 billion. Matrix, IDG and Li are also investors in Zhaogang.

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• Topics
• Greater China
• Venture
• Industrials
• China
• Qiming Venture Partners
• IDG Capital Partners
• Venture
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