MYMRO completes new round of financing

MYMRO, a supplier of industrial maintenance, repair and operational products, announced it has raised several hundred million yuan in a B round of financing led by FountainVest Partners.

The fresh round, with other investors including GDD Industry Fund Investment Group Hongtai Aplus, came not long after the company was acquired in a management buyout led by Zhou Yanhua, the former general manager of Grainger China.

With the move, the company has transformed from a foreign-funded unit to a Chinese-owned company, which can help it better base itself in China and provide customers with more localized products and services.

"After the restructuring, MYMRO has gained some momentum in organizational upgrades and technology application, as well as rapid growth," said Zhou Yanhua, CEO of MYMRO.

"In the future, the company will continue to maintain a fast-paced development, further increase investment to help companies in intelligent procurement management system," she added.

Eric Chen, managing director of FountainVest Partners, said the firm has been focusing on investment opportunities in business services and is long-term positive toward the digitization trend of industrial companies.

"MRO procurement in China is huge with current market sizing at a trillion yuan. There is plenty of room for digitization to take place, especially under the backdrop of the country’s push to upgrade its manufacturing industry", Chen said.

"MYMRO provides with a complete solution for MRO procurement and supply chain management, enabled by its digital capabilities, which helps to optimize cost and increase efficiency for its industrial clients," Chen noted.