China-based industrial e-commerce platform Zhenkunhang secured $160m today in a series D round led by internet group Tencent that included Legend Capital, the venture capital firm formed by conglomerate Legend Holdings.
The corporates were joined by Matrix Partners China, the local affiliate of US-headquartered early-stage investment firm Matrix Partners, as well as venture capital firm Eastern Bell Venture Capital and Genesis Capital, the growth equity fund launched by former Tencent investment managers Richard Peng and Kurt Xu.
Founded in 1996, Zhenkunhang operates a business-to-business online trading and procurement services marketplace offering more than 2 million industrial maintenance, repair and operations products, such as chemicals and metal processing equipment.
Zhenkunhang has now raised approximately RMB3bn ($433m) in total funding, according to Tencent. It has not revealed what it intends to do with the series D financing.
The company raised $129m in an August 2018 series C round co-led by Legend Capital and hedge fund manager Tiger Global Management that also featured Shell China, a local subsidiary of petroleum company Shell, and Oriza Holdings, the investment vehicle for Suzhou Industrial Park.
Matrix Partners China and Eastern Bell Venture Capital also took part in the series C round, after the latter had led a $52m series B round for Zhenkunhang in July 2017 that included Shenzhen Cowin Venture Capital Investments. The company added $33m in series B-plus funding from Genesis Capital five months later.
