(Yicai Global) Aug. 2 -- Chinese cross-border small agricultural product brokerage service E-Commodity Exchange has bagged tens of millions of yuan in a pre-A round of funding led by QC Capital.
China Merchants Qihang and Hydoo International Holding acted as secondary investors in the financing round, online news outlet Lieyunwang reported.
Set up in 2005, E-Commodity Exchange is an integrated services platform for small agricultural product imports and exports between China and Africa, providing deal-making, warehousing, logistics and financial services. It brokered transactions worth more than CNY3 billion (USD440 million) in 2016 when it achieved profitability. Trading volume reached CNY6.5 billion last year.
The latest funding will be spent primarily on platform product development, founder Zhuang Liang said. The total value of transactions will top CNY10 billion this year, he added.
Small agricultural products typically refer to small-sized agricultural goods such as sesame, peanut and flaxseed, covering over 100 types of commodities. The global market is characterized by a lack of monopolistic activities. All upstream and downstream businesses are highly fragmented small users operating along a particularly long industry chain.
Editor: William Clegg