Little Bear Rental, the China-based IT equipment rental service backed by e-commerce firm JD.com, has collected several hundred millions of renminbi (RMB100m = $14.5m) in series B round funding.
Venture capital firm Oriental Fortune Capital and the Chinese government’s National Small and Medium Enterprises Development Fund led the round, investing alongside VC firm Fortune Venture Capital and state-backed investment vehicle Great Wall Fund.
The round follows a $22.3m pre-series B round co-led by Great Wall Fund and Fortune Venture Capital in March 2019.
Little Bear operates an online platform that leases IT equipment to offices and businesses. It also sells second hand equipment and helps companies organise their software through an enterprise management offering.
The series B capital will be used to build an intelligent service system, establish service outlets in China and fund the strengthening of Little Bear’s customer service capabilities.
JD.com invested an eight-figure dollar amount in Little Bear in December 2018, after the corporate had joined Fortune Venture Capital in backing a $14.8m series A round in May the same year, according to China Money Network.