Shanghai-based Zhenkunhang raised $129 million on Tuesday in what is the largest ever private fundraiser by a Chinese industrial product supplier offering a textbook example of how a traditional company can find success by embracing technology.
In a statement posted on its official microblog, the company said its series C funding round was led by Tiger Global Management and Legend Capital, the venture capital arm of Chinese conglomerate Legend Holdings.
Other new investors include Shell China and Chinese asset manager Suzhou Oriza Holdings, while existing investors Matrix Partners China and Eastern Bell Venture Capital also increased their investment in the company through the latest funding round....
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