China-based electronics recycling platform operator Shanhuishou has secured almost RMB100m ($15.7m) in series A funding from electronics manufacturer Xiaomi and venture capital firm Shunwei Capital, 36kr has reported.
Founded in 2016, Shanhuishou operates an app-based service that enables consumers to quickly arrange the recycling of electronic items such as smartphones, tablets and computers in exchange for a fee.
The recycled goods are pre-qualified by an assessment through instant messaging platform WeChat. Once approved, consumers can return their products to more than 30,000 Shanhuishou branches across the country.
The company’s service is officially recommended by domestic businesses such as state-owned telecommunications company China Unicom and online payment platform Alipay. It will use the funding for hiring and product development, according to 36kr.