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China online truck logistics platform secures $35m

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Huochebang, a China-based online logistics platform that allows truck shipment tracking, has raised a $35 million round of funding led by Genesis Capital.

Existing backers including Tencent Holdings, Eastern Bell Venture and DCM also participated. This round brings Huochebang's total funding to over $100 million, the company told Tencent QQ News.

Founded in 2007, Huochebang operates a mobile app for shipment tracking and logistics managment. The company introduced a second-hand vehicle trading service last year. The new capital will be used to develop after-sales services for truck drivers, such as insurance purchase and vehicle repairs.

The start-up raised two rounds of funding in 2015. Its Series A round, which closed last March, was led by Eastern Bell Venture. The firm then raised an extended Series A led by Tencent in August. Existing backers DCM and Eastern Bell Venture, as well as new investor Hillhouse Capital Group also participated.

Genesis Capital - known as Yuan Sheng in Chinese - is a late-stage investment firm founded by Richard Peng, who previously oversaw Tencent's investment unit. Last month, the firm co-led a RMB200 million ($30 million) round for B2B online liquor retailer Yi Jiu Pi, alongside Eastern Bell Venture. 

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