(Yicai Global) May 17 -- Small commodity business-to-business e-commerce platform Yicaibao has completed its CNY20 million (USD2.9 million) pre-A round funding.

Zhejiang PKU Collaborative Innovation Investment Management as its investor, Yicaibao recently announced, online technology media 36Kr reported today.

Yicaibao is a third-party mobile e-commerce app run by Hangzhou MicroAnts Technology. Formed in November 2016, the company is mainly engaged in the procurement of small items, and its main profit sources are member value-added service fees and online trading commissions.

Yicaibao wants to build a software-as-service platform for merchants that rely on the Yiwu International Trade City in Yiwu, Zhejiang province -- which bills itself as the world's largest small commodity wholesale market -- to become the Alibaba Group Holding of this sector, founder He Yuyuan said.

Started in March 2017, Yicaibao has over 500,000 downloads. It has more than 100,000 stores and 4.7 million online products, with an annual transaction volume of CNY3 billion, the report said.

The financing will mainly go to its city partner project, He said, explaining the platform will set up partnerships with powerful buyers in cities nationwide to better promote Yiwu's small items to the whole country and the world.

Editor: Ben Armour