To help meet China’s growing demand for fresh produce, investment holding company Yuanyang Investment Group has led a RMB200 million (US$28 million) series B financing round in Jiuye Supply Chain Management, a Shanghai-based cold chain logistics start-up.
Established in 2014, Jiuye is led by founder Zhang Bing, formerly a manager at Alibaba’s Tmall logistics division and the key person setting up the cold chain operations for Alibaba’s Cainiao Network. The company focuses on providing cold chain logistics for fresh produce transport, an area with much demand but not enough supply in China.
The company currently operates in 268 cities in China, and claims to have a peak volume of over 100,000 deliveries daily.
It previously raised a RMB60 million (US$8 million) series A round led by Zhongrong Dingxin with participation from DT Capital Partners in August 2016.
Jiuye says it plans to use the latest proceeds to complete the construction of 22 cold warehouse in 2017, as well as further develop its information technology and domestic warehouses network.