iXiandou, a Chinese mobile internet-enabled paper recycling company, has completed an undisclosed series C round of funding led By US-China Green Fund, a private equity fund focused on US-China cross-border green investment.
Shanghai Yunyi Investment Consulting Co.,Ltd. also participated in the round, according to an announcement. The financial terms of the round have not been disclosed yet.
China Renaissance Group acted as the financial adviser in the latest round.
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.
It uses Internet of Things (IoT) and big data on a self-operated recycling system which integrates online information platform with offline recycling routes, including logistics, reproduction and redirection of waste outputs.
The three-year-old firm has a self-built recycling logistics system and eight recycling centers, with a storage area of nearly 40,000 square meters. Its monthly recycling volume exceeded 10,000 tons, with an annual increase of more than 120%, according to the announcement.
Till now, iXiandou has secured four rounds of financing. The company had received RMB10 million (US$1.44 million) angel investment from Aqua Ventures in July 2015, RMB30 million (US$4.31 million) in series A round of financing from Tendence Capital and Aqua Ventures in September 2016 and RMB100 million (US$14.35 million) in series B fundraising round in August 2017.
"Every city must consider to construct a sustainable recycling system for renewable resources, especially in terms of building a green and smart city," said Bo Bai, CEO of US-China Green Fund, in a statement.
The company plans to use the proceeds on customer expansion and improving the recycling system, and promoting the urban green renewable resource recovery system.