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.