Micro Connect, the market infrastructure platform connecting global capital with China's grassroots economy, announced that it has completed a capital raise of US$70 million in its Series B funding round, with participation from Series A investor Sequoia China, and new investors including ABC International, Adrian Cheng, Ausvic Capital, Chuang's Capital, Dara Holdings, Horizons Ventures, Keywise ARCHina Fund, Lenovo Capital, Vectr Fintech, and others.
The oversubscribed round brings Micro Connect's total funds raised to date to US$120 million, and validates Micro Connect's long-term vision to develop a new and more inclusive financial market with a new asset class.
Gary Zhang, Founder and Vice Chairman of Micro Connect, 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."
Micro Connect will use the proceeds from the latest capital raise to scale its partnership network and capital deployment capability onshore, enhance its platform technology, and further build out its market infrastructure to broaden the channels through which global investors participate in the new asset class, including funds, structured products and an exchange platform.
Following a full test-run of the new investment model, and the gradual rollout of various market access channels for global investors over the course of 2022. Micro Connect will also introduce a data analytics platform to connect chains with stores / franchisees and advise on their expansion strategies, and an information platform to offer index, rating, and portfolio construction services to impact investors. Together, these platforms will form a new market and fundamentally change the way financial services are delivered.