China-based used consumer goods portal Zhuan Zhuan agreed $300m in series B funding yesterday from investors including its parent company, classified listing marketplace 58.com, and internet group Tencent.
58.com will remain Zhuan Zhuan’s majority shareholder following the round, which is set to officially close in the fourth quarter of 2019 subject to customary closing conditions.
Launched in 2015 as part of 58.com, Zhuan Zhuan is an app-based online marketplace where users can buy or sell second-hand items including mobile phones, computers, furniture and cars.
All products listed on the platform are reviewed by Zhuan Zhuan’s quality control team to ensure they are fit for sale.
The funding is expected to help sustain the company amid a difficult business cycle and crowded competition, according to an open letter from CEO Huang Wei cited by local media. It spun off from 58.com in April 2017 with $200m worth of resources and series A funding from Tencent.