Ningmengdou.com closes Series A with RMB 50 mln

Recently, Ningmengdou.com, an industrial Internet platform under Qingdao Ningdou Network Technology Co., Ltd., has raised a total of 50 million yuan in its Series A round of financing from well-known investment institutions and industry investors including JiayuanQihang Venture Capital and Fuzhang Technology.

Recently, Ningmengdou.com, an industrial Internet platform under Qingdao Ningdou Network Technology Co., Ltd., has raised a total of 50 million yuan in its Series A round of financing from well-known investment institutions and industry investors including JiayuanQihang Venture Capital and Fuzhang Technology.

The platform is valued at 500 million yuan before the investment, whose revenue from January to July in 2020 reaches 150 million yuan, a year-on-year increase of more than 10 times.

According to Huo Shengjun, President of Ningmengdou.com, the company plans to become a unicorn company in two years, and a listed company in five years.

“Currently, there are quite a number of big cooperation projects undergoing which will help the company achieve the revenue goal of 300 to 500 million yuan,” said Huo.

Ningmengdou.com, as an online industrial platform, focuses on helping companies reduce procurement costs and achieve technological innovation, which is also the competitive advantage of the company.

The procurement cloud of the platform provides one-stop solutions to meet enterprises’ needs in procurement application, supplier management, inquiry, quotation, contract, reconciliation and other full-process management, helping enterprises quickly realize digital management.

The intelligent procurement robot Douxiaomi uses big data and cloud computing technology to provide buyers with timely and accurate inquiry comparison services, and the Mengdoubao solves the problem of delivery first or payment first between suppliers and buyers.

After 5 years of development, the platform has accumulated nearly 50,000 registered users and 400,000 manufacturing companies, covering industries including electronics manufacturing, cold storage, instrumentation, new retail, and etc.

Ningmengdou.com currently has completed the construction of its online trading system for enterprises. Nearly 500 companies have opened accounts on the system with an accumulated transaction value of 50 million yuan.

What’s more, the platform also has obtained credit lines from Shanghai Pudong Development Bank and Industrial Bank.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/27/ningmengdou-com-closes-series-a-with-rmb-50-mln/.

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