China’s Source Code leads $50m Series B in equipment rental firm Zhongneng United

Beijing-based venture capital firm Source Code Capital has led a $50-million Series B investment in Zhongneng United Digital Technology Co Ltd, a Chinese equipment rental company, according to an announcement.

The startup raised CNY 60 million in its Series A round in September 2018 led by China’s Buhuo Ventures, according to Crunchbase data.

The startup will use the proceeds to enhance its equipment supply service.

Others investors who participated in the Series B round include Huayun Golden Rent, Temporary Heavy Machinery and Shengjinda Investment.

Headquartered in Nanjing, Zhongneng claims to have nearly 10,000 units of equipment on its platform supported by marketing and logistics services in 22 provinces and 33 cities across the country. The company states that its customer base has reached more than 10,000.

Zhongneng inked a strategic equipment rental agreement with Haulotte China in March this year.

Source Code Capital, which has assets under management of $900 million and RMB 3 billion managing both USD and RMB funds, has partnered close to 150 Chinese technology founders since its inception in 2014.

Also Read:

Source Code Capital leads $320m Series C in IT product rental startup Edianzu

Source Code closes third US fund at $260m, hits first close of RMB fund at $225m

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.

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.