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Formerly Grainger China, MyMRO Completes New Fundraising

Sold off from Grainger this past September, the company is now China-owned and gaining momentum. May 13th, 2021 MyMRO Shanghai-based MyMRO formerly Grainger China until Grainger sold off the unit in September 2020 announced Wednesday that it has completed a new round of financing. The company said it has raised several hundred million yuan, or at least $30 million USD, in a B-round of financing led by China investment firm FountainVest Partners. Grainger first announced the Grainger China divestment in June of 2020 in a move aimed at focusing more on key businesses and geographies. It was bought by Zhou Yanhua the former general manager of Grainger China and China-based venture capital firm Sinovation Ventures. The transaction completed Sept. 9 of last year, upon which Grainger China immediately raised another several hundred million yuan in A-round financing, led by Sinovation.

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