China-based petroleum marketplace operator Nengyuanhui has raised almost RMB100m ($14.3m) in series A-plus funding from investors including energy industry services provider 51zhaoyou, DealStreetAsia reported yesterday.
The round was led by Huihe Capital, an investment firm reportedly co-founded by e-commerce group JD.com, and it included Shanghai Zhouji Tongli Asset, a subsidiary of financial services provider Far East Horizon. The company did not specify its size but said it has raised nearly RMB200m through this and a RMB100m series A.
Nengyuanhui runs an online platform where businesses can buy and sell petroleum, gasoline and diesel products by the barrel. The series A-plus cash will go to enhancing its supply chain and e-commerce brand, JHNYH.com, as well as digitising its back-end operations.
The round comes after Nengyuanhui closed its series A round, featuring venture capital firm K2VC and China Merchants Capital, an alternative investment vehicle for state-owned holding company China Merchants Group, at approximately $14.1m in May this year.
The company had already received $1.4m from petrochemical equipment manufacturer Sunto in September 2019, according to trade paper Yibang Power Network.