Chinese cargo transportation service platform Yungehuo announced on Monday that it has closed RMB100 million (US$14.15 million) in a series A round of financing led by Legend Capital, an investment affiliate of Legend Holdings.
The series A round is the fourth investment raised by Yungehuo since its inception in January 2018. Existing investors, early-stage investment firm Zhen Fund and private equity firm Cowin Capital also poured money into the new round, said Yungehuo in a statement released on its WeChat official account.
The start-up mainly provides cargo transportation service and other services that combine different modes of transportation including road and railway transportation. The company operates an online platform that allows users to access real-time quotes and shipments tracking function.
Yungehuo, which debuted its online platform in May 2018, has so far recorded over 10,000 users and 12,000 truck drivers, delivering cargos through more than 400,000 sea routes.
Proceeds will be mainly used to further expand its business.
Yungehuo completed a series pre-A plus round worth tens of millions of yuan from Zhen Fund and Cowin Capital in January 2019. The company also secured millions of U.S. dollars in a pre-A round from Zhen Fund in September 2018. In August 2018, the firm raised an angel round worth about RMB10 million (US$1.41 million) from Chinese private equity firm QF Capital.
The lead investor, Legend Capital, was founded in April 2001 with US$35 million from Legend Holdings. The company manages a total of RMB450 billion (US$63.72 billion), and primarily makes early-stage venture capital and growth-stage investments. The company said that it has backed about 450 companies by 2017, among which were nearly 70 companies listed on domestic or overseas capital markets and over 60 companies achieved exits through mergers and acquisitions (M&A).