China-based chemicals marketplace Molbase has raised tens of millions of dollars in a series C round including Kinzon Capital, the venture capital fund backed by conglomerate Fosun, China Money Network reported on Friday.
The round was co-led by Sequoia Capital China and TBP Capital, also known as TrustBridge Partners, with participation by Innovation Works and Vangoo Capital.
Molbase initially launched in 2013 as a chemicals source and database service before pivoting to become a marketplace that connects suppliers and buyers of chemicals. The company claims to process a total of RMB60bn ($9.3bn) in yearly transactions between more than 80,000 clients.
Molbase also received an undisclosed eight-figure amount in a 2014 series B round from unnamed investors before raising an extension of undisclosed size in June 2015 from Kinzon Capital.
The company raised $10m in a 2013 series A round co-led by Innovation Works and TrustBridge Partners.