Zhaogang, a Chinese steel B2B platform has secured $153 million in Series E round of funding from undisclosed investors.
Founded in 2012, Zhaogang is a website that is specialized in steel trading information services for buyers and suppliers. It holds a record of daily trading volume of 200,000 tons of steel on its online platform with more than 60,000 registered active corporate buyers. It has operational offices in 20 places in China and employees more than 1,500 people.
The startup is in the process of dismantling its variable interest entity (VIE) structure, which is commonly used to receive U.S dollar venture investment and seek a public listing overseas. The startup is working to complete an initial public listing in Shanghai’s newly approved strategic emerging industries board afterward.
Last year, Zhaogang.com raised $100 million in Series D funding from IDG Capital and Huasheng Capital. A year before that, it secured $34.8 million in Series C from Bull Capital and Sequoia Capital along with Matrix PArtners China and K2 Ventures.