Yunfeng leads Series C round for China’s logistic app Yunmanman
Yunfeng Capital has led a Series C round of funding for Yunmanman, a Shanghai-based mobile logistic distribution platform. Existing investors Sequoia Capital and Lightspeed China Partners also participated.
Financial details were not disclosed, but local media reported the size of the round amounts to hundreds of millions of renminbi. The new funds will be used to build up a strong team and upgrade its technology, the company said.
Launched in 2013, Yunmanman's platform allows cargo owners to locate truck drivers and track their logistic distribution. It can enhance the cargo allocation efficiency and lessen the unloaded ratio. Currently there are over 200,000 drivers on the platform.
Lightspeed committed $5 million in a Series A round for the company in December last year, while Sequoia led a Series B round earlier this year. Angel investor Wang Wang invested in Yunmanman in 2013.
Yunfeng was established by Jack Ma and David Yu, founders of Alibaba Group and Target Media, respectively. In May, Alibaba teamed up with Yunfeng to acquire a minority stake in Shanghai YTO Express, a Chinese logistics service provider. Last year, the PE firm led a Series C round of funding for Quanfeng Express, a Chinese courier services provider.
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