China-based online steel transaction platform Ouyeel has collected $140m in funding from investors including conglomerate Mitsui & Co, China Money Network reported today.
The round was also backed by steel companies Jiangsu Shagang, Benxi Steel Group and Shougang, through its unit Beijing Shougang Fund Investment Company, as well as logistics services provider Global Logistic Properties and financial services firm CCB Trust.
Ouyeel, founded in 2015 by steel company Cihna Baowu Steel Group, operates a platform that offers several steel industry-related services, such as transactions, logistics and storage, industry news, processing, investment and funding, as well as financial products.
Last year, Ouyeel recorded a steel transaction volume of 38 million tons, while its logistics offering covered more than 1200 companies that delivered a combined total of 17 million tons of steel.
The money will go towards boosting the company’s infrastructure, including storage, logistics and processing capabilities. The company also hopes to expand internationally.