E-commerce firm JD.com has led a nine-figure renminbi (RMB100m = $14.3m) series D1 round for China-based IT equipment rental service Little Bear Rental, China Money Network has reported.
Venture capital firm Fortune Venture Capital also participated in the round, which is the sixth to be raised by the company in the past two years, according to China Money Network.
Little Bear leases IT equipment to enterprise customers wishing to run asset-light businesses, and also offers recycling and physical asset management services.
The funding will support further development of the company’s asset management software product, Little Bear Butler. It is also increasing its collaboration with JD.com, which will offer Little Bear’s services through its online platform.
Internet group Tencent invested $7.1m in the company in December 2019 at a valuation of $284m, according to 36Kr.
Oriental Fortune Capital had co-led a nine-digit renminbi series B round for Little Bear seven months earlier with China’s National Small and Medium Enterprises Development Fund. The round included Fortune Venture Capital and Great Wall Fund.
The company raised $22.3m in a March 2019 pre-series B round co-led by Great Wall Fund and Fortune Venture Capital that increased its overall funding to almost $60m.
JD.com and Fortune Venture Capital had provided $14.8m in series A funding for Little Bear in May 2018 before the former invested an eight-figure renminbi amount in December the same year.
