VCs commit $20m to China logistics cloud solution provider

Founded in 2002, Olymtech provides cloud-based IT solutions - under the CargoGM and CargoPM.com business lines - for international freight forwarders and logistics services providers. While CargoGM helps traditional enterprises build online-to-offline (O2O) platforms, CargoPM.com is an online marketplace that facilitates transactions.

OlymTech has established operations in major international logistics hubs in China, including Shanghai, Shenzhen, Guangzhou, Ningbo, Qingdao, Tianjin and Xiamen. It also has three R&D centers in Hangzhou, Shanghai and Ningbo.

Currently CargoGM serves more than 40,000 logistics companies in the world. It plans to use the financing to upgrade technology, improve transaction transparency and launch an internet finance platform, it said in a statement.

Shanghai-headquartered Yunqi Partners is an early to growth stage VC fund focusing on mobile internet, smart devices, financial technologies and business to business service providers. The investment team comes from various backgrounds including IDG, GGV Capital, Google and PwC.

A host of China-based cloud computing companies have received VC backing, including Upyun, UCloud, AVOS Cloud, QingCloud, KeyTone Cloud, Gotye, Gllue and InnoLight. IDG is an investor in AVOS Cloud, a mobile back-end as a service (BaaS) provider, having provided an undisclosed sum in Series A funding last September. The VC firm also invested in Kingsoft Cloud Group two months ago.

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• Topics
• Greater China
• Technology
• Venture
• Expansion
• Venture
• China
• Technology
• TMT
• Logistics
• IDG Capital Partners
• Matrix Partners