Legend leads $36m round for China truck logistics platform

Eastern Bell Venture Capital, Singapore-based Global Logistic Properties (GLP), ZhenFund, and AVIC Trust also participated, according to a media report linked from the company’s official website. As part of the deal, Fuyoukache also obtained RMB300 million debt financing from AVIC Trust and GLP.

Founded in 2014, Fuyoukache connects truck drivers and service users including Chinese corporates, individuals and large third-party logistics (3PL) providers via online platforms. The service includes providing transportation information to users within one hour of placing an order, and ensuring vehicles are ready for customers 30 minutes before delivery time.

Fuyoukache’s business now covers 31 provinces in China and includes partnerships with over 30 domestic logistics firms such as SF Express and Deppon Logistics. It has also worked with insurance companies including PICC.

The start-up received seed funding from Plum Ventures in 2014 and about $3.7 billion in a Series A round in 2015. Investors included Eddie Wu, a co-founder of Alibaba Group. Last year, it completed a RMB100 million round led by Eastern Bell and GLP. 

The company plans to use new funding to upgrade its data platform, recruitment and supply chain financing.

Huochebang, another Chinese online truck logistics platform, raised $114.68 million in a Series B round in December led by the International Finance Corporation (IFC) and All-Stars Investment.

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• Topics
• Greater China
• Technology
• Expansion
• Support services
• China
• TMT
• Venture
• Logistics
• Legend Capital
• ZhenFund
• Transportation