China-based steel trading platform Gtxh.com has received $10m in a series A round led by Bertelsmann Asia, an investment fund owned by Germany-based mass media company Bertelsmann, China Money Network reported on Tuesday
Gtxh provides information on the steel industry and trading. The investment will go towards improving the website’s data processing abilities and establishing offline facilities.
Gthx is not the first steel industry website to receive funding this year. In January, ZhaoGang.com raised $34.8m in a series C round from venture capital firms Sequoia Capital, Matrix Partners China and K2 Ventures, and investment firm Bull Capital Partners.