Ouyeel, an online steel trading platform created by China-based iron and steel producer China Baowu Steel, secured RMB 2.02bn ($294m) in funding today from investors including its parent company.
Logistics service Sinotrans, steel provider Benxi Group and industrial and mining group Beijing Jianlong Heavy Industry were joined by Citic Securities, China Merchants Group, the government-owned China Structural Reform Fund, and Baoshan Iron and Steel, a subsidiary of Baowu Steel.
Founded in 2016 according to its website, Ouyeel operates a cross-border platform covering 27 countries and regions that allows users to trade steel and related products and commodities, while businesses can enhance their supply chain capabilities.
The company also offers supply chain credit and credit insurance through partners, as well as services such as maritime shipping, warehousing and processing. Customers can ensure all their trades and orders are documented and easily accessible.
Ouyeel had previously raised more than $140m in 2017 from steel providers Benxi, Jiangsu Shagang and Shougang, the latter through its Beijing Shougang Fund Investment unit, as well as conglomerate Mitsui, logistics provider Global Logistic Properties and CCB Trust, part of China Construction Bank.
