China cross-border logistics provider raises $104m

Other participants include existing investor East Bell Venture Capital. Zongteng raised a Series A round of hundreds millions of RMB in 2018 and claims to have received RMB1 billion in funding over the past 20 months, including the latest round.

Zongteng was founded in 2007 and began operating in cross-border e-commerce logistics services in 2014. It has built more than 50 warehouses occupying 400,000 square meters in regions including US, Australia, Japan and Europe. It claims to handle over 700,000 orders a day on average with some 1,000 overseas employees.

The fresh funding will be used to improve operational efficiency, complement logistics infrastructure and hire more talent, according to a statement.

“Along with the rapid development in China’s cross border e-commerce space, especially in the business to customer segment, we believe Zongteng has the ability to meet the ever-varying demand of different customers. Meanwhile, we will also help the company to accelerate its expansion in the US and Europe through means such as mergers and acquisitions,” said Zheng Wang, a partner at Cathay.

China’s logistics industry has been developing at a rapid pace with the increasing penetration of e-commerce. Recent activity in this space includes Chengdu-based Juma Peisong raising RMB1.5 billion in a Series C round led by GLP and Sino-Ocean in 2018. In January, Yimidida raised RMB1.8 billion in a round led by Boyu Capital.

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• Topics
• Greater China
• Early-stage
• Industrials
• China
• e-commerce
• GLP
• Cathay Capital Private Equity
• Logistics