China-based online plastic trading platform Zhaosuliao raised $20m in series A funding from investors including IDG Capital Partners, a venture capital affiliate of media company IDG, on Saturday.
VC firm Qiming Venture Partners, Matrix Partners China, a subsidiary of US-based investment firm Matrix Partners, and angel investor Li Zhujie also took part in the round. The company had already raised about RMB 10m ($1.6m) in seed funding from Zhenshun Fund and Matrix Partners China.
Founded in July 2014, Zhaosuliao provides an online platform for plastic trades, and claims its website hosts 90% of the plastic trades in Southeastern China. Mou Bin, the company’s founder, stated the funding would be used to expand the business across the rest of the country.