China-based electronics recycling service Wanwu Xinsheng received more than $100m in series E-plus funding co-led by e-commerce firm JD.com and investment company Guotai Junan International yesterday, according to DealStreetAsia.
JD Logistics, the supply chain services unit of JD.com, also took part in the round through its Huihe Capital unit. Other backers included Fresh Capital, Shanghai International Group’s Shanghai Guohe Modern Service Industry Equity Investment Management and Innoven Capital.
Founded in 2011 as Aihuishou, Wanwu Xinsheng runs a consumer-to-business online bidding platform to sell electronics such as cameras and smartphones. Wanwu Xinsheng extracts rare materials from the devices and sells them to manufacturers.
The company also operates a network of more than 600 brick-and-mortar stores. The funding will allow the company to improve its recycling service, accelerate the growth of its platform and seek more international partnerships.
Wanwu Xinsheng has obtained more than $1bn in funding to date. It raised $530m in a series E round led by JD.com in June 2019, according to DealStreetAsia, although reports at the time said only the round was worth more than $500m.
Tiger Global Management, Morningside Venture Capital, Tiantu Capital, Genbridge Capital and Fresh Capital contributed to the series E round.
Tiger Global led a $150m funding round in mid-2018 that also included JD.com. The latter had already taken part in a $60m series C round in 2015 together with Morningside, Tiantu Capital and International Finance Corporation.
