China-based steel trading website Zhaogang has closed a $100m series D round co-led by IDG Capital, a corporate venturing affiliate of US-based media company International Data Group, China Money Network reported today.
Huasheng Capital co-led the round with IDG, while Bull Capital Partners, Sequoia Capital and Matrix Partners China also participated.
Zhaogang previously received $34.8m in a January 2014 series C round led by Bull Capital and Sequoia, and which included Matrix Partners China and K2 Ventures.
In 2013, the company reportedly raised a $1.6m series B round from Matrix Partners China and K2. The company also reportedly secured $800,000 in a series A round from Matrix, K2 and Zhen Fund in 2012.
Zhaogang facilitates steel trading through its website and claims to have reached a daily volume of 100,000 tons. According to the company website, the total volume of steel traded through its plafform in 2014 totalled more than 300 million tons.