Chinese logistics fleet manager raises $320m

China Broadband Capital, Zhihui Capital, Chenshan Capital, and Taihe Capital also took part, while existing investors GLP, Tencent Holdings and a Bank of China unit all re-upped, according to a statement. The company has raised over $500 million over the past year in total. Its investors claim the latest round is the largest ever seen in the internet of things (IoT) space globally. 

Founded in 2010, G7 provides a software-as-a-service (SaaS) platform and associated mobile apps that enable companies to monitor trucks transporting their goods. It claims to have over 60,000 clients and information on more than 800,000 vehicles, making it the largest online fleet management service provider globally. 

The platform can locate vehicles on the road, send alerts if drivers run into trouble, track fuel consumption, engine status and braking distances, and provide assessments of driver performance. It also connects with warehouses in a bid to optimize the loading and unloading of goods.

Earlier this year the Chinese Academy of Sciences predicted that the country's logistics industry would be worth RMB280 trillion in 2018, with revenue exceeding RMB9 trillion. Other major players in this space include Chinese trucking logistics firm Manbang, which received a $1.9 billion round led by SoftBank Group in April.

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• Topics
• Greater China
• Industrials
• Expansion
• China
• TMT
• Logistics
• Infrastructure
• China Broadband Capital
• Hopu Investment Management