Chinese engineering equipment supplier Zhongneng United Co Ltd has completed its Series C2 and C3 rounds of financing raising a total of over 3 billion yuan ($461 million), per a company statement on Tuesday.
The Series C3 tranche was led by Fivestar Holdings and joined by Cosco Shipping Investment Holding’s investment arm Oakwise Capital Management, Hong Kong’s Venture Smart Financial Holdings and Shanghai’s authority-backed big data industry fund Yimei Capital.
The Series C2 round was led by existing investor Source Code Capital with the participation of returning backer Buhuo Venture Capital. Source Code Capital and Buhuo Venture Capital joined the Series C3 tranche as well. In 2019, the two investors had invested $50 million in Zhongneng’s Series B round.
In August last year, Zhongneng had raised an undisclosed Series C1 round from state-owned State Power Investment’s sub-fund. Zhongneng has also been backed by China Merchants Group, Industrial and Commercial Bank of China, Focustar Capital, among others.
The company will use the latest proceeds to spruce up digital technology research and supply chain capacity.
China is among the world’s largest engineering equipment rental markets with an estimated size of over 750 billion yuan ($115 billion) in 2020.
Zhongneng, which started operations in 2016 in East China’s Nanjing City, is an industrial internet platform offering machinery devices leasing and logistics solutions for construction and infrastructure operations. Its offerings include heavy trucks, scissor operating platforms, fork trucks, telescopic bucket trucks, and excavators.
Zhongneng’s platform claims to have served about 50,000 industrial clients in and out of China.