China-based electronics recycling platform Aihuishou has raised $60m in a series C round featuring e-commerce company JD.com, China Money Network reported yesterday.
The round was led by venture capital firm Tiantu Capital, while VC firm Morningside Ventures and International Finance Corporation (IFC), the investment arm of the World Bank, also took part.
Founded in 2011, Aihuishou buys used electronics such as smartphones, laptops and cameras from consumers, who provide information about the device’s condition, through which the company’s platform can automatically calculate the buying price.
Aihuishou, which is Chinese for “love recycling,” then refurbishes the devices and resells them to customers in rural areas and developing nations.
IFC led an $8m series B round for Aihuishou in July 2014 that included Morningside, the latter having previously provided $2m in series A funding for the company in 2011.