China-based agricultural services provider Nongfenqi has closed a nine-figure renminbi series C round (RMB100m = $16m) that featured media conglomerate Bertelsmann, Kr Asia reported today.
Yi Capital led the round, which also featured existing backers including Innoven Capital, Yonghua Capital, Shunwei Capital, Source Code Capital and Zhen Fund. Bertelsmann contributed through corporate venturing unit Bertelsmann Asia Investments (BAI).
Nongfenqi enables farmers to purchase equipment, land and fertilisers in instalments, allowing them to acquire items they would not otherwise be able to afford. It assesses a farmer’s creditworthiness offline, with local teams collecting information manually.
The capital will allow Nongfenqi to further expand its business, strengthen its market position and further improve its offering.
The company had previously raised $14m in a series B round led by BAI in January 2017, with Zhen Fund, Sinolink Securities, Shunwei Capital, Source Code Capital, Future Capital and Younghua Capital also taking part.
Plum Venture and Future Capital injected more than $1.6m in capital in Nongfenqi in 2015 before Shunwei led a seven-digit dollar series A round in 2016.