(Yicai Global) Nov. 29 -- On-site smartphone repair service brand Shanxiuxia, Hangzhou Weishi Technology Co Ltd, has secured CNY100 million (USD15.15 million) in B-round financing co-led by Matrix Partners China and Shenzhen Cowin Venture Capital Investments Ltd., the company said through its Wechat account.
The funding round represents the largest single instance of financing in the industry so far.
The firm will invest CNY300 million in the next three years to upgrade IT products for on-site services nationwide and deepen strategic cooperation with Huishoubao Tech, a Chinese electronic devices recycling platform based in Shenzhen in southern China's Guangdong province.
Matrix Partners China values Shanxiuxia's business logic and strong team execution. It has a very strong ability to make good performance and innovation and has created profitability, standardization and rapid replication model in the previous business expansion, said Lin Cui with Matrix Partners China. Their team of engineers can also provide better service to people's smart home life in the future, which is an incredible incremental market, he added.
Shanxiuxia team has a clear vision and has established a sophisticated system, said Wang Song of Cowin Capital. Whether new graduates or traditional practitioners, they are able to provide users with standard and reliable services to enhance customer experience and promote and improve the current industry. There are many more technology and service needs that can be better satisfied, and the sector shows great potential.
Shanxiuxia, founded in 2015, has grown to become the country's largest smartphone onsite service network with annual sales reaching nearly CNY300 million covering 20 cities nationwide.