Nongfenqi, a China-based provider of financing services to the agriculture industry, has raised more than RMB100m ($14m) in a series B round led by media company Bertelsmann, China Money Network has reported.
Bertelsmann led the round through its Bertelsmann Asia Investments unit, investing alongside Zhen Fund, Sinolink Securities, Shunwei Capital, Source Code Capital, Future Capital and Younghua Capital.
Nongfenqi runs an online platform that supplies instalment financing for farmers and agricultural communes, helping to fund purchases of equipment.
The startup raised more than RMB10m from Plum Venture and Future Capital in mid-2015 before closing another eight-digit RMB sum through a series A round led by Shunwei Capital, according to China Money Network.
– Image courtesy of Nongfenqi