Tendence Capital, a Chinese venture fund established by an ex-director at Intel Capital’s China unit, has led a series A funding round in iXiandou, a mobile Internet-enabled paper recycling start-up in China.
Existing investor, Chinese angel and venture firm Aqua Ventures, also participated.
The round is worth tens of millions RMB, the company said without disclosing details.
Launched in 2015, Beijing-based iXiandou focuses on providing to-door recycling services to business clients. It currently partners with thousands of convenience stores, supermarkets, hospitals, shopping malls and office buildings to recycle paper boxes and other materials.
“Waste material recycle is generally thought of as a low-tech, traditional and somewhat disrespectful industry,” said Fang Hao, founder of iXiandou. “But recycling is a trillion RMB market, which currently lacks industry leaders.”
iXiandou aims to utilize mobile Internet to improve the company’s management efficiency, including enhancing efficiency in waste collection, packing and logistics. The waste recycling market in China is currently highly fragmented and not properly served by modern enterprises, it said.
The company plans to use the latest proceeds on client expansion, as well as building up its own warehouse facilities and expanding into other services.
Tendence Capital is a Beijing-based venture firm focused on the digital healthcare, digital media, e-commerce and mobile Internet sectors in China.
Its founders include Wu Ronghui, ex-director at Intel Capital’s China division, and Zhao Junchao, formerly managing director at LB Investment and an investment manager at the direct investment arm of Ping An Insurance Group.