Yungongchang, a China-based digital trade portal backed by contract manufacturer Foxconn, has secured RMB100m ($14.4m) in series B funding from boutique investment firm Echo Capital.
Founded in 2015, Yungongchang runs an e-commerce platform that connects automotive, mechanical, medical and consumer electronics companies with component manufacturers.
The company’s clients include e-commerce firm Alibaba, ride-hailing service Didi Chuxing, online travel agency Ctrip and short-term accommodation rental platform Airbnb. The series B funding has been allocated to research and development and marketing activities.
Yungongchang had previously raised funding from Chinese Academy of Sciences and its investment and incubator unit, CAS Star, as well as Foxconn and Yingfu Capital, according to its series B announcement, though it did not provide additional details.
The original version of this article appeared on our sister site, Global University Venturing.