China: Smartphone recycling firm Huishoubao raises $45m led by Strait Capital

Shenzhen-based smartphone repairing firm Huishoubao has raised $45 million in Series B round led by Strait Capital Investment Group.

Other investors like Source Code Capital, SMC Capital China and existing investors CITIC Capital, and Chengwei Capital also participated, according to a China Money Network report.

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.

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China’s Huishoubao raises $15m series A investment led by Chengwei Capital