China-based business-to-business fuel trading platform Zhaoyouwang has secured $150m in a series C round co-led by logistics services provider GLP and private equity firm Rainbow Capital, China Money Network reported today.
SIG Asia Investments, a subsidiary of technology and trading firm Susquehanna International Group, also took part, as did GGV Capital, DCM Ventures, Sky9 Capital, Yunqi Partners, Tide Capital and Oceanpine Capital.
Founded in 2015 and also known as 51zhaoyou.com, Zhaoyouwang runs an online marketplace where enterprise customers can trade diesel, gasoline and kerosene. The platform also offers fuel-related logistics and financial services.
The company is currently active in upwards of 50 cities across China, employing more than 300 staff. It has not specified how it intends to spend the series C funding.
Zhaoyouwang previously secured $31.8m in a series B round in August 2017 backed by trucking logistics services provider Huochebang and SIG Asia. The round was led by DCM and included GGV, Yunqi, Sky9 and Chuangban Investment.
SIG Asia led the company’s $3m series A round in March 2016 before contributing to its $10m series A+ round later that year alongside Sky9 and Yunqi. GGV and Chuangban supplied an additional $8m of funding in April 2017.