China-based electronics recycling service Aihuishou has raised $150m in funding from investors including e-commerce firm JD.com, China Money Network reported today.
The round was led by investment firm Tiger Global Management and valued Aihuishou at more than $1.5bn according to a statement by the company. It increased the Aihuishou’s overall funding to $278m.
Founded in 2011, Aihuishou operates a business that gives consumers money for second-hand electronics goods such as smartphones, harvesting some of the rare materials that make up the devices and selling them back to manufacturers.
The funding will fuel an expansion drive that will involve Aihuishou expanding into cities such as Hong Kong, Dubai and Miami.
Aihuishou CEO Chen Xuefeng said last month the company plans to spend $200m to create a global platform for its business and was considering Indonesia, Thailand and the US as likely investment destinations.
Venture capital firm Morningside Ventures provided $2m in funding for Aihuishou in 2012 before joining the World Bank’s International Finance Corporation for an $8m series B round two years later.
Both investors took part in Aihuishou’s $60m series C round in 2015, participating together with JD.com and venture capital firm Tiantu Capital.
Cathay Capital and Fortune Venture Capital co-led a $58m series D round for Aihuishou late the following year, investing alongside Tiantu, Morningside and unnamed additional existing investors.