Chinese online truck logistics platform raises $170m

Founded in 2013, the company connects logistics companies with third-party transportation service providers. It claims to have received in excess of 20,000 in average weekly orders over the past four years. It also has accumulated data on drivers, transportation routes, and leasing prices for vehicles. Through using this data, logistics companies are said to have achieved cost savings of 10%.

In addition to the platform, Fuyoukache makes microloans to logistics vehicle leasing companies. These loans are typically repaid within two days.

The company has established partnerships with the logistics arms of JD.com and home appliance maker Haier, as well as SF Express, Deppon Logistics, Annto World, Best Inc, and Yunda Express. Its services cover 30 provinces and cities in China.

Prior to this round, Fuyoukache completed five rounds of funding between June 2014 to January 2018 from the likes of  Ginkgo Group, Eastern Bell Venture Capital, GLP China, Legend Capital, and JD Logistics. The total capital raised amounted to $82.5 million, according to AVCJ research.

Other major players in this space include trucking logistics platform Manbang, which received a $1.9 billion round led by SoftBank Group in April. Earlier this month, G7, a logistics fleet management systems provider raised $320 million in a funding round led by Hopu Investment Management.

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• Topics
• Greater China
• Expansion
• Technology
• China
• Logistics
• Matrix Partners
• Bank of China
• Transportation