Source Code Capital Portfolio Company Baibu Closes $110 Million Series D+ Round, Source Code Capital Continues to Increase Stake From Angel Round Onward

源码资本·January 7, 2021·1·5

Its portfolio includes business platforms such as Baibu, Quanbu, and Feisuo Zhizao, forming a vertically integrated digital service platform for the textile and apparel industry.

On January 7, 2021, Baibu, China's leading one-stop intelligent supply chain service platform for textile fabrics, announced the completion of its $110 million Series D+ round, led by Prologis' Hidden Hill Capital with follow-on investments from existing shareholders. China Renaissance served as the exclusive financial advisor for this round. Source Code Capital was the sole investor in Baibu's angel and pre-Series A rounds, and continued to increase its stake across the Series A, B, C, and D rounds.

Baibu, Quanbu, and Feisuo Zhifang are among the business platforms under Zhijing Technology. As the industry leader covering the full digitalization of China's textile fabric supply chain, Zhijing Technology employs an industrial internet approach to explore various industry empowerment methods, building a vertically integrated digital comprehensive service platform for textiles and apparel. The Baibu platform enters from the distribution segment, connecting first-tier wholesalers with downstream small and medium-sized garment manufacturers, and has built China's largest e-commerce platform for finished fabrics, amassing substantial spot and futures resources. The Quanbu platform moves upstream into intelligent production and digital distribution of textile fabrics, creating China's largest smart manufacturing cloud factory for textiles. Feisuo Zhifang provides digital upgrade solutions through IoT equipment to thousands of grey fabric mills across China, significantly improving capacity utilization, positioning itself as the digital infrastructure for textile fabric production.

Prologis completed the privatization of Li & Fung Limited ("Li & Fung") in 2020. Following this financing round, Baibu will deepen strategic cooperation with Prologis and Hong Kong-based Li & Fung Group in areas including digital textile fabric supply chains, intelligent garment manufacturing, export apparel brands, logistics, and supply chain finance. The two sides will fully leverage synergies and complementary strengths to digitally restructure the textiles and apparel industry chain, jointly building China's largest vertically integrated internet platform for the textiles and apparel industry.