Chinese venture firm Eastern Bell Venture Capital has led a RMB40 million (US$6 million) series A round in Haizol.com, an industrial parts e-commerce vertical, with participation by Woofoo Capital, the venture capital arm of Tsinghua Asset Management.
"Haizol is another investment that Eastern Bell has made in the industrial manufacturing sector, after our investments in the forklift supply chain, auto part supply chain, and maintenance, repair and operation (MRO) supply chain," said Zhu Yinchun, a partner at Eastern Bell, in an announcement. "We think Haizol is the best platform helping industrial parts processing companies find the best materials online. With the investment, Eastern Bell will support Haizol’s development with our resources and experience in the logistics industry."
The round comes after two other business-to-business e-commerce verticals specializing in niche markets also raised venture funding this week, one of which was also led by Eastern Bell. Zhenkunhang, an industrial products e-commerce platform, received RMB360 million (US$52 million) in a round led by Eastern Bell. Lianshang, an online business-to-business fabric trading platform, received a US$30 million pre-C round led by China Renaissance Private Equity Fund and Fengshang Capital.
Founded in 2015, Haizol.com’s platform is a business-to-business industrial parts e-commerce portal, where companies can post their requests for parts, while industrial parts manufacturing companies can bid for the orders. The platform currently covers 32 countries, and has 85 global purchasing enterprises registered on its website, posting inquiries worth tens of billion of RMB.
The start-up previously raised a pre-A round worth tens of millions of RMB from Woofoo in April 2016, and an angel round also worth tens of millions of RMB from Haier Financial Holdings in 2015.
Haizol.com said it plans to use the latest proceeds to continue expanding its business in the North American market, where the company set up its first overseas team last year.