E-commerce firm JD.com has participated in a RMB400m ($58m) series D round for China-based electronics recycling service Aihuishou, China Money Network reported yesterday.
The round was co-led by private equity firm Cathay Capital and venture capital firm Fortune Venture Capital, and included VC firms Tiantu Capital and Morningside Ventures as well as undisclosed additional existing investors.
Aihuishou runs a consumer electronics recycling business that includes almost 200 recycling centres across 18 Chinese cities.
The company, which has partnerships in place with businesses including JD.com and smartphone producer Xiaomi, has recycled more than 5 million smartphones over the course of 2016.
The round comes after Aihuishou secured $60m in an August 2015 series C round led by Tiantu Capital that included JD.com and International Finance Corporation, the proprietary investment arm of the World Bank. It has now raised almost $130m in total.
Aihuishou plans to use the money to expand, strengthening its existing offering and launching new services including consumer financing.
– Photo courtesy of LinkedIn