Shougang steels itself to back Guazi’s $400m series B

Jun 15, 2017 • Robert Lavine

A fund set up by steelmaker Shougang Group has participated in a Sequoia Capital China-led round that followed a $250m series A closed just nine months ago.

China-based online vehicle marketplace Guazi.com has secured $400m in a series B round led by venture capital firm Sequoia Capital China that included steel producer Shougang Group, China Money Network reported today.

H Capital, CMB International, Dragoneer Investment Group, Matrix Partners China and BlueRun Ventures also took part in the round. Shougang Group invested through Jingxin Venture Capital, a fund management subsidiary it has formed.

Guazi was spun out of online e-commerce marketplace 58.com in 2015, and runs a platform…

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