Shenzhen-based venture capital firm Fortune Venture Capital has announced plans to invest CNY100 million in the domestic Chinese B2B e-commerce platform for large-scale trading, 315.com.cn.
Founded in 2004, 315.com.cn is mainly engaged in online trading of large-scale products, covering chemical, fuel oil, plastic, steel, and rubber. Compared with C2C e-commerce websites in China such as Taobao.com, Eachnet.com, and Paipai.com, all the sellers and buyers of 315.com.cn are enterprises. In addition, because the trading goods are all standard materials, the transactions are easier to be reached and the trading values are much larger. Therefore, the company has developed rapidly and claims to have reached profitability two years ago.
A representative from Fortune Venture Capital revealed that the fund will be mainly used to merge and acquire relevant segment websites. The company hopes that the investment can further enhance 315.com.cn's leading position in its field as well as to promote the company's expansion into new industries in a short period.
According to the plan provided by Fortune Venture Capital, 315.com.cn may launch its initial public offering in 2010.
