Shanghai-based steel trading website Zhaogang.com says that it has received US$34.8 million in series C funding, according to a company announcement.
Bull Capital Partners and Sequoia Capital led the round. Existing investors Matrix Partners China and K2 Ventures also participated.
The latest investment values Zhaogang at US$2 billion.
The company previously received series A funding from K2 Ventures and Zhenfund in 2012, and series B funding from Matrix Partners China and K2 Ventures in January 2013.
Founded in 2012, Zhaogang claims to have a daily distribution volume of 50,000 tons of steel.
