It was led by Agricultural Bank of China Phoenix, a wholly-owned fund of the Agricultural Bank of China.

According to , the chemical fiber B2B trading platform “Chemical Fiber State” recently completed tens of millions of RMB B+ round financing, led by Agricultural Bank of China, a wholly-owned fund of the Agricultural Bank of China. At the same time, the two sides reached a strategic agreement to carry out comprehensive cooperation on the supply chain service platform for small and medium enterprises in the industry, especially in the aspect of supply chain finance.

It is understood that the cooperation with Chemical Fiber State is the first investment and development project of Agricultural Bank of Phoenix. Previously, Chemical Fiber State had obtained investment in institutions such as Zero One, Weiguang and Industrial Securities. As of this round, chemical fiber The state has accumulated more than 100 million yuan in financing.

There was a detailed report on the chemical fiber company. Chemical fiber was founded at the end of 2013, is a one-stop service platform for the chemical fiber industry chain. The trading products include dozens of chemical fiber products such as PTA, MEG, PET and polyester yarn.

Chemical fiber mainly serves small and medium-sized enterprises, and focuses on solving the problems of asymmetric information and low efficiency of upstream and downstream transactions, and weak downstream bargaining power. At the same time, it provides chemical fiber industry information, bulk commodity trading, logistics and distribution for the downstream market. Support and services for chain finance and ERP information systems. In order to achieve brand upgrades and service upgrades, in 2019, the company launched a new product, the Chemical Fiber State APP, which officially released more than 5000+ downloads on the same day.

It is understood that In addition to online operations, Chemical Fiber has a front-end operation center in Pingtan, Hangzhou, Shenzhen, Wenzhou and Taicang.

The following is the original report:

It is learned that the chemical fiber B2B trading platform “Chemical Fiber State” has completed tens of millions of RMB B round of financing, led by Industrial Securities’ innovative capital and industrial capital.

Before, “Chemical Fiber State” was awarded the investment of RMB 1 million in the venture capital of Qiyi Venture Capital and Jiuzhou Venture Capital in October 2015, and the RMB 15 million A round of financing led by Weiguang Venture Capital in June 2016. .

Founded in early 2014, “Chemical Fiber State” is a one-stop service platform for chemical fiber industry chain, involving dozens of chemical fiber products such as PTA, MEG, PET, polyester yarn. From the following service modules, we can understand the business structure and development of the company:

  • Bangbang, providing “general services for generation and sales”, the transaction volume in 2017 increased by 400%+;

  • Bangbang, for 20Customized SaaS systems for chemical fiber textile companies in multiple regions with user activity exceeding 70%;

  • Bangbang Logistics, cooperative logistics carriers cover 70%+ of chemical fiber industry logistics companies;

  • Chemical fiber mall, Bangbang accessories: one-stop service system for mobile-side trading in the chemical fiber industry, the cumulative transaction volume is close to 50 billion;

  • Chemical headlines: Focus on industry dynamics and market information services, the current cumulative number of fans is 100,000+.

Update | B2B platform

Reviewing the development of Chemical Fiber State, CEO Fang Junfang’s original intention was derived from a small thing that persisted in six or seven years: “Send a small paragraph of text to customers every day at 7:00, including the price of chemical fiber products and market analysis.

These customers are mostly small enterprises in the chemical fiber industry and have become the first seed users of Chemical Fiber. Starting from the simplest information exchange, Chemical Fibers provides services for these small investment units of millions of grades, not just matching transactions, but also a series of documentary services such as logistics, invoices and contracts.

When the artificially formed service system matures, the company will systematically and modularize this system. “This is my consistent personality, it must be artificial first, and then systematic.” Fang Junfang said that systemization has brought about a rapid increase in efficiency, and it is precisely after accessing the system that the chemical fiber state began to access. Capital, and in 2015 and 2016, it won the angel round and the A round of financing.

After the round of financing, Chemical Fiber State began to enter the supply chain and cut into transactions on behalf of the agency. Small businesses need to pay a certain margin to the chemical fiber and transfer part of the cargo rights. For small businesses, there are two main advantages: First, you can use less capital to lock in the price of raw materials; second, you can pick up the goods in batches and increase the capital turnover rate.

In terms of category selection, Chemical Fiber State cuts into intermediate products with high degree of standardization and inheritance, mainly for particle-based PET products, and mainly produces dozens of chemical fiber products.

In 2017, Chemical Fiber State began to provide SaaS systems to small customers, which is different from other systems. This SaaS system is closely linked with the packaging lines in the industry chain, and the invoicing is linearized and reportable. Instead of past scenes recorded with paper and pencil, companies can use real-time data to understand inventory. in turn,On the SaaS port, access to information, supply chain, logistics and other services to form a closed-loop closed loop.

In the original trading chain, the voice of small businesses is very weak. For example, in the case of procurement, there is often a situation of “one customer, one price”, which causes price differences and cost increases due to opaque information; in the case of customer complaints, it is often not resolved. Due to the small scale, the logistics cost is naturally high, and it is also difficult to obtain bank credit.

The service system around small enterprises is actually flattening the advantages of the big manufacturers and copying them into small enterprises, narrowing the gap between the two sides. “Let the retailing of commodities, so that every consumer can have the right to have an equal dialogue with their own sellers.” Fang Junfang said.

In terms of profitability, each module is charged for integration, supply chain finance, agency sales, and SaaS systems. At present, cohesion, supply chain finance and self-employment income are relatively balanced, each accounting for one-third. According to the data provided by the company, the cumulative GMV is about 50 billion yuan and the sales revenue is about 3 billion.

In 2018, the company plans to carry out the next round of financing, hoping to further increase technical barriers, access AI and blockchain technology in the SaaS system, and achieve all-round data.