2017-08-29

Sky9 Capital Portfolio: Zhaoyou Completes $32 Million Series B Round

Source: GlobeNewswire

HONG KONG, Aug. 29, 2017 (GLOBE NEWSWIRE) — Zhaoyou, a Sky9 Capital portfolio company, announced the completion of a $32 million Series B financing.

Zhaoyou (51zhaoyou.com) is China’s leading business-to-business e-commerce platform for the petroleum industry.  Sky9 Capital led a $18 million Series A+ financing earlier this year, and the company recently announced the completion of a $32 million Series B financing led by DCM Capital and strategic investor Huochebang.  Other investors include GGV, SIG, Yunqi Partners, and PartnerAngel.

Founded in 2015, 51zhaoyou.com is the largest and most efficient transaction platform in the petroleum industry, providing comprehensive fuel trading, logistics, and financial services to its customers, which include some of China’s leading logistics companies. Zhaoyou currently has offices in four major Chinese provinces, Jiangsu, Zhejiang, Guangdong, and Hubei, covering over 40 cities.

Last year, the platform recorded cumulative transactions of over RMB500 million (US$75 million).  As of June this year, the company’s turnover exceeded RMB1.5 billion (US$230 million) and is expected to reach RMB5 billion (US$750 million) for all of 2017.

Zhaoyou CEO Tony Lv said, “I’m really excited to have the support of such great financial and strategic investors.  I appreciate the support that Sky9 Capital has provided over the course of the last six months, especially in terms of strategic direction and HR-related help.  We share a common vision in building a meaningful enterprise which provides more efficient products and services to this exciting and dynamic industry.”

Sky9 Capital’s founding partner Ron Cao said, “We are excited to work with a world-class entrepreneur such as Mr. Lv. His knowledge and experience in this industry combined with his passion and vision enable him to affect change and achieve such amazing success.  We are excited to accompany him on this exciting journey ahead.”

 

About Sky9 Capital 

Sky9 Capital is a leading early-stage China-focused technology venture capital firm.  With its mission to partner with bold innovators to build world-class companies together and to make a positive impact on the world, Sky9 Capital specializes in the consumer Internet, enterprise, and deep technology sectors.  With presence in Beijing, Shanghai, Shenzhen, and Silicon Valley, Sky9 approaches investing with a global perspective and selectively partners with early-stage companies that have exceptional founding teams, disruptive and scalable business models, or innovative and transformational technology.  For more information, please visit www.sky9capital.com.

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