Little Bear Rental, the China-based IT equipment rental platform backed by e-commerce firm JD.com, closed a RMB150m ($22.3m) pre-series B round yesterday, according to a statement on its WeChat account.
The round was co-led by government-backed investment vehicle Great Wall Fund and VC firm Fortune Venture Capital, and took Little Bear Rental’s total funding to almost $60m, the company said.
Little Bear runs a leasing service enabling offices and businesses to rent IT equipment. It also buys and sells second hand equipment and provides an enterprise management platform designed to help companies manage their software and hardware devices.
The additional capital will be invested in upgrading the company’s offline services stores, and to further develop its platform as a service system.
JD.com invested an eight-figure dollar amount in Little Bear in December 2018, after joining Fortune Venture Capital in its $14.8m series A round seven months earlier, according to China Money Network.