Recently, Lvsen Industrial Products Technology (Nanjing) Co., Ltd(绿森工业品), a cross-border supply chain service platform for industrial products, has completed a RMB 10 million angel round of financing.
Founded in 2020, Lvsen is a cross-border e-commerce service platform for MRO industrial products. The company integrates cross-border e-commerce, design, R&D and engineering services for industrial products, and its main categories include electromechanical and mechanical products as well as industrial consumables, with emerging markets such as the Middle East, Africa, Latin America and Central Asia as the main target markets.
Lvsen currently has its own independent station and self-developed intelligent SaaS system, integrating design, sales, logistics and technical services, and plans to further promote the development of the platform after reaching a certain transaction scale. The platform currently has 1,000+ suppliers, 15,000 SKUs and 10,000+ customers, with strong growth in revenue, the amount of orders in the first half of the year has exceeded last year's annual amount, and is expected to reach USD 12 million in the year of 2023.
The MRO Market size is expected to grow from USD 421.37 billion in 2023 to USD 471.65 billion by 2028, at a CAGR of 2.28% during the forecast period. The development of smart factories and the growth of predictive maintenance are expected to bring advancements in the MRO sector.
Lvsen has set up offices in Ethiopia and Turkey, and plans to add offices in Egypt and Saudi Arabia by the end of the year, and cooperate with more overseas agents.
The development prospects of MRO industrial products make many companies value this vast market. Domestically there are ZKH(震坤行), Yiheda(怡合达), Haizol(海智在线), etc.. Overseas there are Misumi, RS, Fastenal and so on.
This round of financing was financed by Feifan Capital(非凡资本) as financial advisor. Lvsen plans to use this round of financing to replenish working capital and further expand its technical team and build overseas offline service network.