Micro Connect, which connects global capital with China’s grassroots economy, has raised $70m in its Series B funding round.
The round was backed by Sequoia China, which also served as the lead investor to Micro Connect’s Series A. Other commitments to the Series B came from ABC International, Adrian Cheng, Ausvic Capital, Chuang’s Capital, Dara Holdings, Horizons Ventures, Keywise ARCHina Fund, Lenovo Capital, Vectr Fintech, and others.
This capital injection will help Micro Connect scale its partnership network and boost its capital deployment capability onshore. Funds will also help enhance its platform and build out its market infrastructure to broaden the channels through which global investors participate in the new asset class.
The company is also planning to release a data analytics platform to connect chains with stores and advise on their expansion strategies.
Founded in 2021, Micro Connect is a market infrastructure and financial technology platform connecting global capital with China’s grassroots economy. It created the daily revenue contracts (DRCs) as a new asset class for direct, granular and diversified exposure to a large number of quality micro and small businesses.
Since it launched, it has grown its team to nearly 100 people and invested into 100 micro and small businesses.
Micro Connect founder and vice chairman Gary Zhang said, “We are fully excited about our journeys ahead, as we continue to develop the definitive financial technology and market infrastructure to empower micro and small businesses and their owners and deliver impact to the broader society.”
This investment brings Micro Connect’s total funds raised to $120m.
Copyright © 2022 FinTech Global
