China-based transportation management platform OTMS has raised $25m in a series B round featuring internet company Baidu, China Money Network reported yesterday.
Chen Weixing, founder of ride hailing app Kuaidi Dache, which is now part of ride ordering firm Didi Chuxing, led the round. Venture capital firms Chengwei Capital and Matrix Partners also took part.
Founded in 2011, OTMS has built a cloud-based transport management and sourcing platform that connects logistics and transport providers, shippers, drivers and consignees with each other in order to tender, execute, track and bill services in real time.
The funding will support company growth and product development as well as help boost the company’s market share in China.
OTMS raised $10m in a June 2015 series A+ round featuring Baidu, Matrix and Chengwei, adding to $6m in series A capital from Baidu, Matrix and Buttonwood Capital in 2014. Buttonwood had previously provided an undisclosed amount in a 2013 angel round.
Mirek Dabrowski, co-founder and chief executive of OTMS, said: “Our series A investors brought us necessary experience in software as a service and enterprise software sales skillset.
“Thanks to this we have been able to rapidly grow OTMS into a leading transport software provider in China and make an already good product great. The purpose of [the] B round is to bring more internet and [business-to-consumer] DNA to the company to enable us to grow even faster.”