Sequoia, Coatue lead $70m round for China's Yunquna

The company has now closed two rounds of funding within the space of seven months. It claims to be the first shipping technology business in China to achieve this level of institutional support. Sumitomo Corporation Equity Asia led the first tranche of the Series B last November and Coatue led the second in February, which saw existing investors DCM, Source Code Capital and China Merchants Venture Capital all re-up. Source Code participated in the Series C as well.

Founded in 2015, Yunquna connects ports, shipping companies, warehousing operators and freight forwarders through big data-enabled systems that allow visualization of the entire transportation process. Cargo owners can select the providers that best meet their needs, track shipments, and receive assistance in areas such as customs clearance and financing.

The company works with multiple shipping companies and has established around 10 branches in major ports in China and Mexico – it primarily serves routes between China and Central and South America. It has served more than 10,000 customers since inception, facilitating the shipment of over 150,000 20-foot equivalent units (TEU). The 300,000 TEU threshold is expected to be crossed this year.

"We hope that through new digital tools, traditionally cumbersome and inefficient cross-border logistics services will become as easy to use as a smart electricity grid, helping Chinese companies to venture into international markets. Unlike some digital freight forwarders overseas, we have positioned ourselves as a bridge for the industry, bringing together offline logistics resources in an efficient manner," Shihao Zhou, founder and CEO of Yunquna, said in a statement.

The company plans to expand its overseas network, establishing branches and warehousing facilities in the likes of Japan, Vietnam, Thailand, Djibouti and the US. In addition, steps will be taken to upgrade the product offering, for example using artificial intelligence and cloud computing technology to deliver smart fulfilment and transportation path optimization services.

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• Topics
• Greater China
• Technology
• Expansion
• China
• Sequoia Capital
• Coatue Management
• Source Code Capital
• DCM-Doll Capital Management
• Growth capital
• Logistics
• TMT