Online financing platform Zhuaqianmao received USD 30M for Series B
Founded in: 2014
Financing status: RMB 200 million (USD 30 million) for Series B financing in 2017
Online financing platform, Zhuaqianmao, received USD 30 million for Series B on September 14 to expand its business to the car and estate financial industry.
Zhuaqianmao is an online financing platform that mainly provides users with wealth management products backed by bill assets. According to the company, the average financial gain on its platform is about five to six percent. Though this is lower than most other wealth management platforms in China that guarantee a financial gain higher than 10%, bill financing is more secure. It mainly cooperates with small and micro finance companies to chase down revenues through investment.
Founded in 2014 in Hangzhou, it currently has more than one million users registered on its platform. There is a total of RMB seven billion (USD one billion) invested through Zhuaqianmao’s financing platform.
This Series B financing round was from Dalian Dingsheng Investment Management Group. The company plans to use the funds to optimize its financing products to meet more small investors’ demands. At the same time, it is expanding its financing services to several industries, such as car and estate sales.
Restaurant purchasing e-commerce platform Fenfenzhong receives USD 17 M for Series A
Founder: Han Hua
Founded in: 2015
Financing status: RMB 110 million (USD 17 million) for Series A financing in 2017
Restaurant purchasing e-commerce platform, Fenfenzhong, received USD 17 M for Series A on September 15 to improve its operational efficiency.
Fenfenzhong is a restaurant purchasing e-commerce platform that provides large and medium sized restaurants with purchasing services. It offers more than 5000 commodities across seven categories, including vegetable and fruit, meat and eggs, beverages, aquatic frozen goods, staple foods, and all commodity supplies for restaurants. It also released a restaurant management system for its partners to manage their work online. Restaurants can do procurement management, inventory management, financial management, cost analysis, fresh degree monitoring of raw materials, and other operational management work on its system.
Founded in 2015 in Beijing, it currently has more than 500 restaurant partners that purchase over RMB one million on its platform. Fenfenzhong builds warehouses and logistics systems itself, so that it can make sure its customers receive fresh food.
Fenfenzhong grabbed this new financing round from a group of investors, including National Micro and Small enterprise Development Funding, and THG Ventures. It plans to use the funds to improve its operational efficiency by embracing big data and relevant technologies.
(Top photo from 699pic.com)