China B2B steel-trading platform raises $153m
Zhaogang.com, a Chinese B2B steel-trading platform backed by several VC investors, has completed a Series E round of funding worth RMB1 billion ($153 million).
Investors in the round were not disclosed but the company said it will give more details on the transaction next week.
Founded in 2012, Beijing-based Zhaogang facilitates steel trading online between suppliers and buyers. It also provides storage, material processing and logistics services to customers. The company has recently expanded into lending, offering loans to small and medium-sized steel companies.
The platform transacted 4.31 million tons of steel in 2013 across 15.3 billion deals. This rose to 20.4 million tons and 68.8 billion deals in 2014. It transacts about 200,000 tons of steel on average every day.
AVCJ Research data showed that China Renaissance K2 Ventures and ZhenFund invested RMB10 million in the company in 2011. Two years later, Matrix Partners and China Renaissance K2 Ventures provided an undisclosed sum in Series B round.
The online platform raised a $34.8 million Series C round led by Bull Capital Partners and Sequoia Capital, plus several existing investors, in early 2014. In January 2015, Zhaogang completed a $100 million Series D round led by IDG Capital Partners and Huasheng Capital. Matrix, Sequoia and Bull Capital also participated.
In a similar transaction, Chinese B2B plastics trading platform Zhaosuliao.com secured a $20 million Series A round led by Qiming Venture Partners and IDG Capital Partners in last January. Six months later, New Horizon Capital came in and led a $36 million Series B round for the site.
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