China-based logistics services platform Yimidida has received RMB300m ($44.3m) in a series B round that included logistics firm Global Logistic Properties (GLP), China Money Network reported today.
The round was led by alternative asset management firm CDH Investments and included Tuofeng Investment and venture capital firms Source Code Capital and K2VC.
Founded in 2015, Yimidida operates a last-mile delivery network aimed at small towns and villages across China. The company has expanded into 3,000 locations, covering some 70% of rural areas in the country.
Yimidida has also created a cloud-based big data logistics services platform that handles demand and supply, increases dispatch efficiency, manages call centres and keeps delivery records.
The capital will go toward the formation of two subsidiaries: truck logistics unit Kakahui and Yimidida Finance, which will offer financial services to suppliers and clients.
Yimidida raised raised $14m in a December 2016 series A+ round backed by GLP, Cathay Capital Private Equity, which led the round, and Source Code Capital.
GLP and Source Code had previously taken part in a series A round in September 2016. The amount was undisclosed at the time, but China Money Network now reports the size of the round as nearly $14m.