Zhenkunhang, the China-headquartered owner of an online marketplace for industrial products, completed a $315m series E round yesterday that included internet group Tencent.
Private equity firm YF Capital led the round, which also featured Legend Capital, the venture capital firm sponsored by conglomerate Legend Holdings, and GLP-C&D Equity Fund, a joint venture between warehouse operator GLP and investment holding company Xiamen C&D.
China Structural Reform Fund, CIC Capital Corporation, Eastern Bell Capital, Tiger Fund, Genesis Capital, Cowin Capital and Matrix Partners China also participated in the round.
Zhenkunhang runs an e-commerce platform that enables producers of industrial components and supplies such as adhesives and lubricants to sell their products to other businesses, in addition to advertising services such as storage and machine maintenance.
Tencent led Zhenkunhang’s last round, a $160m series D in June 2019 that took its total funding to $433m and which also featured Legend Capital, Matrix Partners China, Eastern Bell Venture Capital and Genesis Capital.
The company had secured $129m in a 2018 series C round co-led by Legend Capital and Tiger Global Management that was also backed by Shell China, a subsidiary of oil and gas supplier Shell, as well as Oriza Holdings, Matrix Partners China and Eastern Bell Venture Capital.
Eastern Bell Venture Capital, Cowin Capital and Genesis Capital were all among Zhenkunhang’s earlier investors.
