China Renaissance Private Equity Fund and Fengshang Capital have led a US$30 million pre-C round in Lianshang, an online business-to-business fabric trading platform.
Existing investors IDG Capital and China Growth Capital also participated in the round, according to a company announcement.
Founded in 2015, Lianshang lets customers purchase fabrics via its online platform, as well as offering fabric manufacturers a channel to bid for orders. The platform consists of fabric purchasing services, inspection and testing services, and logistics services.
The company claims that over 80% of both domestic and overseas fabric suppliers are registered on its platform. It also said it is seeing 40% average compound growth in monthly transaction value, and expects to register a total transaction value of RMB13 billion (US$1.9 billion) this year.
The start-up predicts that its transaction value will reach RMB40 billion (US$5.8 billion) by the end of 2018, taking a 10% market share in China.
It previously raised a US$15 million series B round from China Growth Capital and IDG Capital in 2016, and a US$6.5 million series A round in 2015 from IDG Capital.
Lianshang plans to use the latest proceeds to expand its business in the industry supply chain, as well as increase its overall market share in China.