Tencent co-led a series C round that will help the textile software producer beef up hiring, research and development.

China-based textile-production technology developer Zhibu Internet closed a $100m series C round co-led by internet group Tencent and venture capital firm Sequoia Capital China today.

CBC Capital, Matrix Partners China, Yuanhao Capital, 10Fund, ZhenFund and IDG Capital all took part in the round according to a company statement, and China Money Network reported participation by Vision+ Capital.

Founded in 2014 and also known as Smart Fabric, Zhibu has developed an internet of things-equipped cloud platform that helps participants in the textile industry source materials more efficiently.

The company’s software is also capable of digitising the textile production process and managing collaboration with other parties in the supply chain. Many of its customers are overseas brands serviced by Chinese garment factories, such as H&M, Target, Walmart, Lidl, CalvinKlein and Tommy Hilfiger.

IDG Capital, ZhenFund and 10Fund supplied Zhibu’s series A funding in 2017, before it added an undisclosed amount in a 2018 series B round backed by Yuanhao Capital and Matrix Partners China, the company revealed today.

The funding will support research and development activities as Zhibu seeks to strengthen its technical research. It will also put capital into recruitment and company growth.

Robert Lavine

Robert Lavine is special features editor for Global Venturing.