China truck logistics platform Huochebang raises $115m
Chinese online truck logistics platform Huochebang has raised $114.68 million in an initial Series B round of funding led by the International Finance Corporation (IFC) and All-Stars Investment.
Existing backers Tencent Holdings, Genesis Capital and DCM Ventures also participated in the round. The company said a second tranche of fundraising for the Series B round would close imminently.
Founded in 2007, Huochebang connects cargo shippers and truck drivers through an online platform and mobile app. It has a network of 2.3 million trucks and processes as five million orders per day. Unlike taxi-hailing apps, which takea commission from every ride, Huochebang makes money by selling toll road admission cards and top-ups for these cards. According to a statement, the company has sold about one million electronic toll collection (ETC) cards this year.
In addition to delivery matching services, Huochebang provides financial services such to truck drivers including insurance, micro-lending and leasing. It does this in partnership with local insurers and commercial banks.
The start-up raised approximately $100 million across three tranches of Series A funding. The first, which closed in March 2015, was led by Eastern Bell Venture, while the second was led by Tencent in August of the same year. Existing backers DCM and Eastern Bell Venture took part, as did new investor Hillhouse Capital Management. Genesis Capital led a $35 million third tranche in April.
Last month, IFC said in a statement that it intended to invest up to $20 million in Huochebang as part of its Series B round. Net proceeds from the round will be used to further strengthen the company's technology platform and expand its services.
Huochebang's largest rival Yunmanman said it is also in the process of raising a new round worth $110 million, according to local media. The Shanghai-based companypreviously received funding from Sequoia Capital, Lightspeed China Partners and Yunfeng Capital.
China Renaissance acted as a financial advisor to Huochebang in the latest transaction.
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