Logistics infrastructure operator GLP led a $110m series D-plus round for China-based online textile marketplace Baibu yesterday through corporate venturing vehicle Hidden Capital, DealStreetAsia reported, citing a company statement.
Baibu runs an online marketplace that allows businesses such as textile producers, factory owners, traders and retailers to trade fabrics and material, in addition to providing inventory management and enterprise resource planning software for customers buying textiles.
Venture capital fund Yunqi Partners led a $24.8m series B round for Baibu in 2017 that also featured VC firms and existing investors Chengwei Capital and Source Code Capital.
All three returned for a $30m series C round led by investment fund manager Bull Capital Partners in August 2018. The series C investors also participated in a $100m series C2 round led by hedge fund manager Tiger Global Management three months later.
The company then secured $300m in a December 2019 series D round led by investment firm DST Global that included Source Code Capital, Tiger Global, Yunqi Partners, Chengwei Capital and Bull Capital Partners. China Renaissance was financial adviser for Baibu on both the series D and D-plus rounds.
