Shenzhen-based smartphone repairing firm Huishoubao has raised $45 million in Series B round led by Strait Capital Investment Group.
Started in 2014, Huishoubao raised $15 million in Series A round led by Shanghai-headquartered investment firm Chengwei Capital last year in May. The company also raised an angel funding earlier.
Huishoubao claims to have recycled several million second-hand mobile phones, serving nearly one million users. It refurbishes the used phones and puts them back to the market, or sells to mobile phone suppliers.
Asia-focused private equity company Strait Capital Investment Group specialises in providing growth capital to its partners. It has deployed close to $1 billion and generated top-tier returns for its investors, according to its website.
The investment firm currently manages $240 million of assets under management within the China Consumer Fund, which invests in consumer-related companies.
SMC Capital China focuses on investing in the mid-market, growth stage cross-border China consumer upgrade plays while Source Code Capital is an emerging VC in China with over $750 million and RMB 3 billion AUM. Since its inception in 2014, Source Code Capital has focused its investments in three themes- internet, AI-enabled and global.