Zhaoyou, a Chinese business-to-business ecommerce platform for the petroleum industry, closed a $32m Series B financing.
The round was led by DCM Capital and strategic investor Huochebang with participation from GGV, SIG, Yunqi Partners, and PartnerAngel. Sky9 Capital led a $18m Series A+ financing in the company earlier this year.
The company will use the funds to continue to expand operations and its business reach.
Founded in 2015 and led by CEO Tony Lv, 51zhaoyou.com provides a transaction platform for the petroleum industry, providing comprehensive fuel trading, logistics, and financial services to its customers, which include some of China’s leading logistics companies.
The company currently has offices in four major Chinese provinces, Jiangsu, Zhejiang, Guangdong and Hubei, covering over 40 cities.
Last year, the platform recorded cumulative transactions of over RMB500 million (US$75 million). As of June this year, the company’s turnover exceeded RMB1.5 billion (US$230 million), and is expected to reach RMB5 billion (US$750 million) for all of 2017.