Chinese online crowdsourcing logistics services provider Jumeng has raised several hundreds of millions of yuan in a series A round of financing led by venture capital firm IDG Capital.
Sanxia Xintai Fund, an investment fund managed by Chinese tech-focused venture capital firm China Soft Capital (CSC), also participated in this round.
Founded in December 2017 and operated by Jiangsu Pufei Kete Information Technology, Jumeng serves as an online logistics platform providing large-scale less-than-load (LTL) transportation services for the delivery of relatively small freight weighed above 50 kilograms.
Jumeng cooperates with third-party logistics companies to build a standard and sharing transportation system based on logistics parks that link 2,100 inter-provincial trunk lines and 2,200 stores in China. The company aims to expand into 100 cities and 200 logistics parks by 2020.
The company has booked over RMB800 million (US$111.85 million) in monthly gross merchandise volume (GMV) in August, up 40% from that of February 2019, said Zhang Yujing, chairman and president of Jumeng, cited by Chinese online publication 36Kr.
Proceeds of this round will be used to upgrade its IT systems, explore cooperations with more logistics parks, integrate the company’s resources for the construction of a nationwide logistics network.
The company previously raised over RMB100 million (US$13.99 million) in a series pre-A+ funding round from SAIF Partners and an undisclosed series pre-A round from IDG Capital in January 2019.