China-based construction materials marketplace Chubby Bear has closed $400m in series C and series C-plus funding from investors including internet and telecommunications conglomerate SoftBank and internet and media group Tencent.
SoftBank’s Vision Fund 2 led the second of the two transactions, a series C-plus round that included Ab Initio Capital, CMC Capital Group, Cygnus Equity, Genesis Capital, Hundreds Capital, Matrix Partners China, Yunqi Partners and private investor Gan Jiawei.
Tencent Investment, a subsidiary of Tencent, took part in a December 2020 series C round led by investment management firm CMC Capital Group and backed by Cygnus Equity, Genesis Capital, Immensus Capital (also known as Zhenghan Investment), Matrix Partners China, Yunqi Partners and Gan.
Founded in 2015 and known as Xiaopangxiong in Chinese, Chubby Bear is the operator of a business-to-business e-commerce platform which lists home improvement and building materials and services for sale to construction firms and industry professionals, covering 20 cities across its home country.
The fresh funding will go to research and development efforts, platform improvement and the implemntation of delivery automation.
Immensus Capital had led a $18.4m series B round for the company in late 2019, investing together with Yunqi Partners and Matrix Partners China, the latter having led its $10m series A round the year before.
