Shanghai-headquartered investment firm Chengwei Capital has led a $15 million series A financing in Shenzhen-based mobile phone recycling startup Huishoubao, according to a China Money Network report.
CITIC Capital also participated in the round.
The company reportedly said it will use the proceeds to expand its online platforms and improve services.
It has previously received several million US dollars worth of angel investment since its establishment in 2014.
Huishoubao has reportedly recycled several million secondhand mobile phones,and served nearly one million users.
The collected used phones are either refurbished and put back to the market, or sold to mobile phone suppliers for parts extraction, according to a China Money Network.
Chengwei Capital, founded in 1999, specialises in investments in private enterprises in the manufacturing, consumer goods, education, internet, and oil and gas sectors.
Its tech portfolio includes growth stage investments in companies such as Android app developer APUS Group, video-sharing website Youku that has been acquired by Alibaba, and video game developer and publisher Digital Chocolate.
Meanwhile, CITIC Capital is an alternative investment management and advisory company with a strong focus on Chinese businesses. The firm manages over $5.9 billion of capital from a diverse group of international and Chinese investors. Core businesses include private equity, real estate, structured investment and finance, asset management and venture capital.