Chinese internet giant Tencent Holdings has led a $160-million Series D round in Zhenkunhang, a Shanghai-based online business to business (B2B) trading and procurement services platform, China Money Network reported.
The investment was also joined by Matrix Partners China, supply chain-focused Eastern Bell Capital, growth-stage investment fund Genesis Capital, and Legend Capital, an investment unit of Legend Holdings.
According to Zhenkunhang, this funding round took the total capital raised to nearly RMB3 billion ($433.18 million).
Founded in 1996, Zhenkunhang, also known as Qingdao Zhenkun Trading, is an e-commerce platform for industrial products, including maintenance, operation, and repair (MRO) products.
Qingdao Zhenkun Trading is a professional lubricant, adhesive, fasteners, and related equipment suppliers.
To date, Zhenkunhang has raised a total of $374 million in funding over four rounds, according to Crunchbase.
In April, Tencent Holdings reportedly agreed to purchase over 1 billion shares of e-commerce platform Youzan to own a 6.7 per cent stake in the Hong Kong-listed company.