China's Ruiyun Cold Chain raises $28m
Ruiyun Cold Chain, a China-based cold chain services provider, has raised CNY 200m (USD 28m) in an extended pre-Series A round led by Mitsubishi and Mizuho Leaguer Investment Fund.
All four existing investors - Panlin Capital, Qingsong Fund, Eight Roads Ventures and China Merchants Venture - also took part.
The four investors provided CNY 120m in angel funding in July 2021. This was followed by a CNY 100m pre-Series A in August 2021 led by Eight Roads. Panlin, Qingsong, and China Merchants all re-upped.
Founded in May 2020, Ruiyun has built the largest cold chain network in China’s less-than-truckload transport space. It has 23 trans-shipment centres across 62 backbone lines that cover more than 1,200 districts and counties. This is supported by 40 third-party fleet operators and 150 regional franchises.
Ruiyan's service platform - Lengyunbao - connects more than 60,000 cargo owners and 100,000 drivers, primarily relying on an app and a WeChat mini-program. This enables the entire trade cycle - from transaction and delivery to settlement and tax collection - to move online. The company claims to have reduced customers' logistics costs by 10-15%.
Ruiyan serves the catering, retail, and fresh produce e-commerce segments, among others. It claims year-over-year revenue growth of more than 200%.
The proceeds of the latest round will be used to develop the company’s IT infrastructure and logistics trading platform as well as for market expansion. Lighthouse Capital served as the exclusive financial advisor.
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