AAA Zhenyun procures $102m in series C funding

Zhenyun procures $102m in series C funding

E-commerce and local services platform developer Meituan led a RMB650m ($102m) series C round for China-based digital procurement service Shanghai Zhenyun Technology through corporate venturing subsidiary Dragonball Capital on Friday.

C&D Emerging Investment, an affiliate of supply chain services manager Xiamen C&D, also took part in the round, as did Ab Initio Capital, Unicorn Capital Partners, Detong Capital, Zhongmi Capital, Redpoint China Ventures, Blue Lake Capital and Eastern Bell Capital.

Zhenyun is the operator of Going-Link, a cloud software platform which digitises the supply chain for businesses, enabling them to manage all their procurement activities from a single place.

The cash will be allocated to international expansion, the ongoing diversification of the company’s product range and strengthening its artificial intelligence technology as it pursues methods of lowering delivery costs.

Yiren Capital facilitated the transaction, which came 12 months after a $44.8m series B round led by Blue Lake Capital and backed by Detong Capital, Redpoint China Ventures, Eastern Bell Capital and Zhongmi Capital.

Zhenyun had already raised $21.9m in series A funding from Zhongmi Capital and JD Investment, a corporate venture capital subsidiary of e-commerce group JD.com, in 2018.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.