Trucking logistics services provider Huochebang has participated in a $31.8m series B round for China-based online petroleum trading platform Zhaoyouwang, China Money Network reported today.
Venture capital firm DCM Ventures led the round, which included SIG Asia Investments, a VC subsidiary of technology and trading firm Susquehanna International Group, as well as GGV Capital, Yunqi Partners, Sky9 Capital and Chuangban Investment.
Founded in 2015 and also known as 51zhaoyou.com, Zhaoyouwang operates an online marketplace where businesses can buy or sell diesel, gasoline and kerosene. It also provides financial and logistics services related to petroleum.
The company, which has offices in the Chinese provinces of Jiangsu, Zhejiang, Guangdong and Hubei, recorded RMB500m ($75m) of transactions in 2016.
SIG Asia led Zhaoyouwang’s $3m series A round in March 2016, according to China Money Network, before returning for a $10m series A+ round in December that included Sky9 and Yunqi Partners. GGV and Chuangban subsequently added $8m in April 2017.