GLP, BOCGI invest $70m to China logistics player G7
Warehouse operator Global Logistic Properties (GLP) and Bank of China Group Investment (BOCGI), a direct investment arm of Bank of China, have committed $70 million to G7 Networks, a Chinese manufacturer of smart devices for the logistics sector.
The investment follows a $45 million round in February, provided by China Development Bank Capital and GLP. As part of the new funding, G7 partnered with Bank of China's Beijing branch to jointly develop products focused on financial services, big data, and internet-of-things (IoT) technology.
The company's core product is G7 Smart, a hardware device for trucks that collects real-time data including vehicle location, route plans, fuel consumption and cargo temperature. As of September, it was used by more than 40,000 Chinese logistics companies, including SF Express and DHL, and had been installed in 600,000 vehicles.
Eastern Bell Ventures previously participated in four rounds of funding for G7, while Tencent Holdings led a $30 million Series C round in 2015. Last year, Singapore’s Temasek Holdings led a $45 million extended Series C round. By leveraging GLP and BOCGI’s resources in their respective industries, G7 hopes to build a leading IoT platform that helps advance the logistics sector in China.
GLP was privatized earlier this year by a consortium that includes Hopu Investment and Hillhouse Capital. The S$15.9 billion ($11.5 billion) deal is one of Asia’s largest-ever private equity-backed transactions based on enterprise value.
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