China-based industrial e-commerce platform Zhenkunhang has raised $129m in a series C round co-led by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, China Money Network reported today.
Tiger Global Management co-led the round, which included Shell China, the local subsidiary of oil and gas company Shell, and Oriza Holdings, the investment arm of Suzhou Industrial Park, as well as Matrix Partners China and Eastern Bell Venture Capital.
Founded in 1996, Zhenkunhang operates an e-commerce marketplace that sells industrial products such as tools and consumables for maintenance, repair and operation that are sourced from more than 5,000 suppliers.
The funding will go to research and development aimed at internet-of-things technology, and the improvement of Zhenkunhang’s supply chain, distribution and equipment leasing operations.
Zhenkunhang had previously received $52m in a July 2017 series B round led by Eastern Bell Venture Capital, with participation from Shenzhen Cowin Venture Capital Investments.
The company added $33m in a December series B-plus funding led by Genesis Capital but has not revealed details about earlier funding rounds.