Echo Capital has invested $14.4m in the Foxconn-backed industrial component marketplace to make up the provision for its latest round.
Yungongchang, a China-based digital trade portal backed by contract manufacturer Foxconn, has secured RMB100m ($14.4m) in series B funding from boutique investment firm Echo Capital.
Founded in 2015, Yungongchang runs an e-commerce platform that connects automotive, mechanical, medical and consumer electronics companies with component manufacturers.
The company’s clients include e-commerce firm Alibaba, ride-hailing service Didi Chuxing, online travel agency Ctrip and short-term accommodation rental platform Airbnb. The series B funding has been allocated to research and development and marketing activities.
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