China-based engineering equipment rental company Zhongneng United yesterday collected a total of nearly RMB1.2bn ($167m) in funding from investors including packaging manufacturer and plastic processing group Five Star.
Five Star provided $21.8m of series B-plus funding for the company while $145m came in a strategic investment by financial leasing services provider Huayun Financial Leasing and financial services firms Industrial and Commercial Bank of China, China Merchants Bank, Bank of Jiangsu and Bank of Ningbo.
Founded in 2016, Zhongneng United rents out engineering equipment to businesses, and also operates warehousing, marketing, logistics and maintenance facilities across 33 Chinese cities. The funding will be used to strengthen the company’s services.
Venture capital firm Source Code Capital previously led a $50m series B round for the company in April 2019 that was also backed by VC firm Buhuo Ventures, after the latter had led its $9.3m series A round in September 2018.
Zhongneng had already received tens of millions of renminbi (RMB10m = $1.5m at contemporary rates) in pre-series A financing in July 2018 from undisclosed investors.
