China logistics platform Yimidida secures $44m Series B

Singapore-listed Global Logistic Properties (GLP) – which accepted a $11.5 billion PE-backed buyout offer on Monday – and several VC investors including Source Code Capital, K2VC, and Tuofeng Investment also participated in the round, a statement said.

Yimidida was established through the consolidation of four provincial logistics companies in 2015. Its crowd-sourced online platform provides on-demand delivery services in 29 provinces in China, specializing in third- and fourth-tier cities. The company currently has a network of 2,600 trucks and 82 transportation centers, handling 1,500 tons of goods delivery every day. Its systems also manage payment settlement and order tracking.

The company raised two rounds of funding last year, including a RMB100 million Series A round from GLP, K2VC and Source Code in September, and an extended round of more than RMB100 million in December, led by Cathay Capital Private Equity. Following the latest investment, Yimidida plans to improve its logistics network and launch new products – including financial services and logistics solutions – for truck drivers and logistics companies.  

Haifeng Zhang, a partner at CDH Investments, told a local press conference that the future model for the logistics sector in China would involve using big data to integrate all resources under a single technology platform in order to reduce costs and improve efficiency.

Several Chinese logistics start-ups addressing last-mile delivery have received funding from PE and VC investors. These include Shansong, Yunniao Distribution, and Linqu.

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• Topics
• Greater China
• Early-stage
• Technology
• Support services
• China
• TMT
• CDH Investments Management
• Source Code Capital
• Logistics
• Transportation