China’s textile B2B platform snags $300m from DST, Tiger Global, others

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Baibu, a textile-focused business-to-business (B2B) service platform, has secured $300 million in a Series D round of financing led by DST Global and joined by CICC Capital, per a company statement. 

The company’s existing investors Source Code Capital, Tiger Global Management, Yunqi Partners, Chengwei Capital and Bull Capital Partners also participated in the round. China Renaissance served as financial advisor. 

The latest round comes a year after the company gathered $100 million in a Series C+ round from its existing investors.

Baibu, operated by Guangzhou Zhijing Information Technology Co., Ltd, is a supply chain service platform for the textile industry in China. Besides selling textiles and fabrics to businesses, it offers an ERP and inventory management system to help buyers locate and purchase materials.

Baibu claims its Series D financing is the largest so far in China’s textile industry.

Although China’s textile & clothing industry has suffered a setback due to rising labour costs, slowing overseas demand and the escalating US-China trade war, the country remains the world’s biggest textile producer and exporter.

The textile industry is aiming to increase its exports by about 7 per cent annually and boost the export value of fibre products to $400 billion by 2020, according to China National Textile and Apparel Council. The top textile companies in China include Jiangsu Hengli Group, Shanghaitex Holding, and Lu Thai Textile. 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.