Zhaogang.com, a China-based online steel trading platform backed by media company International Data Group (IDG), has closed a $153m series E round funded by undisclosed investors, China Money Network reported yesterday.
Zhaogang operates an online platform reportedly responsible for some 200,000 tons of steel being traded by businesses each day. It has more than 60,000 registered corporate buyers.
The company previously raised $100m in a January 2015 series D round co-led by IDG’s Chinese venture capital affiliate, IDG Capital, and Huasheng Capital that included Sequoia Capital and Matrix Partners China.
The series E round took Zhaogang’s overall funding to about $290m. Its existing investors also include K2 Ventures and Zhen Fund.
Zhaogang raised the money as it prepares for an initial public offering in its home country, according to local media reports.