Dec 17, 2019 (China Knowledge) - Textile and fabric trading firm Baibu has successfully raised USD 300 mln (RMB 2.1 bln) in its Series D funding round.
Founded in 2014, Baibu is a B2B e-commerce trading platform headquartered in Guangzhou, with a key focus in fabric clothing and textile-related supplies. The company also provides services in ERP platform and inventory management system to assist customers in the procurement of textile supplies.
Zhao Zhenhong, founder of Baibu, said that the company will use the funds to enhance research and development of its products and services, upgrade its logistics capabilities, as well as increase strategic partnerships with fabrics production plants.
According to Baibu, the company has achieved total sales of close to RMB 10 bln (USD 1.4 bln) so far this year. The company also claims to have recorded the biggest Series D funding round ever in the textile industry in China.
Currently, China remains the largest producer and exporter of textile and clothing products in the world, despite a slowdown in trade mainly caused by the ongoing U.S.-China trade war. Based on China National Textile and Apparel Council, the textile industry plans to increase its exports by 7% annually by 2020.
The latest Series D funding round comes after a previous round last year, in which Baibu raised USD 100 mln.
The latest funding round was led by investment firms DST Global and CICC Capital.
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