Everbright ReinFore, a private equity unit under Everbright Financial Holding Asset Management, has led a RMB700 million (US$102 million) series B funding round in DS365 Technology, a convenience store supply chain service provider in China.
China UCF Group Co., Ltd., a Chinese financial services provider also participated in the round.
The company completed a RMB170 million (US$25 million) series A round from four Chinese investors and companies in February this year.
"DS365 is the best B2B platform we see in the sector," said Xu Fang, managing partner at Everbright ReinFore. "We invested in the company because we are optimistic about its business model, team and execution capabilities."
Founded in 2014, Beijing-based DS365 provides supply chain management for fast-moving consumer goods, transaction platforms and logistic services to convenience and community stores.
As of October 2016, DS365, which uses the Chinese name Dianshang Hulian, serves over 300,000 convenience stores in 17 cities including Beijing, Shenzhen, Guangzhou and Hangzhou.
Founded in 2013, Everbright ReinFore manages around US$500 million across multiple U.S. dollar and RMB funds. The fund invested this time via its China Opportunity Fund, a growth capital provider to Chinese enterprises.