China-based business-to-business consumer goods distributor Zskuaixiao has closed a RMB205m ($32.6m) series B round co-led by warehouse operator Global Logistics Properties, Asian Venture Capital Journal reported on Tuesday.
Longzhu Capital, a corporate venturing unit run by local services platform Meituan-Dianping, co-led the round, which also featured venture capital firm Source Code Capital and investment firm Hanxin Capital.
Founded in 2016, Zskuaixiao has established a business-to-business service that handles logistics and warehousing for independently-owned neighbourhood stores across China, enabling suppliers to forego complicated supply chain networks.
Zskuaixiao has so far established a presence in 15 cities across the provinces of Guangdong and Fujian, covering more than 50,000 stores in total.
China boasts almost 7 million corner shops responsible for approximately 40% of the consumer goods sold in the country, according to consultancy Kantar Retail.
Longzhu Capital and Source Code Capital previously invested an undisclosed amount in Zskuaixiao in 2017.