Chinese e-commerce site Zhenkunhang, which describes itself as a one-stop shop for industrial products such as production and maintenance equipment, chemicals and raw materials, closed its Series D financing round, collecting USD 160 million from investors, 36Kr reported.
Tencent led this round, while other investors include Eastern Bell Capital and Matrix Partners China.
Li Chaohui, managing partner of Tencent Investment, said he believed there is a huge market for companies offering one-stop procurement services for industrial firms.
He added that Tencent is very optimistic about the long-term potential of supply chain integration and digital upgrades in the industrial space.
Zhenkunhang, which booked RMB 2 billion (USD 289 million) in revenue in 2018, aims for threefold growth this year.
36Kr is KrAsia’s parent company.