China’s largest steel material e-commerce site raises USD 153 million in Series E funding

Zhaogang.com, China’s largest steel material dealing and trading e-commerce site, raised RMB one billion (USD 153 million) in Series E funding from China Renaissance on Tuesday, Sohu reports.

Founded in 2012, Zhaogang.com is a supply chain which provides storage, simple processing and logistics. It also provides SMEs with financing services based on a credit model developed using big data analysis.

The platform trades about 200,000 tons of steel daily, out of which 60,000 – 70,000 tons went to shopping malls. Zhaogang.com’s sales from last year reached RMB 20 billion. The company has 1,500 staff with branches in 26 countries, which includes one in South Korea and one R&D center in Wuhan.

(Top photo from Baidu Images)

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