Tencent leads USD 160 mln Series D funding in Chinese industrial ecommerce platform Zhenkunhang
Jun 19, 2019 (China Knowledge) - Chinese industrial e-commerce platform Zhenkunhang received Series D financing with a total amount of US 160 mln. The investment was led by Tencent Holdings, and also joined by Eastern Bell Capital, Genesis Capital, Legend Capital, and Matrix Partners China.
Up to now, Zhenkunhong has raised nearly RMB 3 bln. Zhenkunhang has already raised a total of USD 374 mln in funding over the past four rounds.
Zhenkunhang is a Shanghai-based online business-to-business (B2B) trading and procurement services platform. The platform is focused on industrial products, including maintenance, operation, and repair (MRO) products. Zhenkunhang enables enterprises to operate more efficiently and provides transparency by tapping on the smart supply chain and an industrial network covering the whole country,
Li Zhaohui, the Managing Partner of Tencent Investment said that "The market of one-stop procurement and service for industrial products is huge. Tencent is optimistic about the long-term potential of supply chain integration and digitization in this field."
In April, Tencent bought over 1 billion shares of e-commerce platform Youzan to own a 6.7 percent stake in the Hong Kong-listed company.
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