(Yicai Global) Sept. 24 -- Xingyun Group, which provides supporting services for cross-border e-commerce, has raised USD200 million in Series-C financing co-led by insurer Taikang Life Insurance, tech media 36Kr reported today.
Other lead investors are healthcare-focused Highlight Capital and Shanghai United Media Group's cultural industry fund.
The money will be used to build an integrated global commodity service platform, founder Billy Wang said. With the injection of more funds, the Shenzhen-based company can continue to enlarge product categories and trading scenarios as well as boost profit margins by improving its supply chain capabilities.
Xingyun facilitates cross-border e-commerce through the provision of financial services, branding, logistics, warehousing, import procedures and other services for both Chinese firms seeking to access the overseas market and vice versa.
Its business spans more than 40 countries and 2,000 brands worldwide. The company has served 160,000 retailers since it was set up in 2015. Its gross merchandise volume reached CNY13.5 billion (USD2 billion) last year, according to the firm’s website.
Xingyun previously secured USD100 million in Series B+ financing led by the China SME Development Fund, tens of millions of US dollars in B-round funding led by venture capital firm Matrix Partners China and CNY300 million (USD44 million) in Series A financing led by the US’ GSR Ventures, according to 36Kr.
Editor: Kim Taylor