China-based freight management software provider For-U has raised $200m in series E funding from investors including Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, DealStreetAsia reported today.
Insurer China Life’s Investment Management subsidiary, China Structural Reform Fund, Greater Bay Area Homeland Investments, China Merchants Sino-BLR Capital Management, China Merchants Capital, Parantoux Capital and Matrix Partners China also took part in the round.
Founded in 2013, For-U operates a cloud software platform which uses artificial intelligence technology to helps businesses manage their truck freight deliveries.
The company filed earlier this month to raise up to $100m in an initial public offering in the United States, having increased revenue slightly year on year to $544m in 2020 and halved its net loss to $17.7m.
For-U has not disclosed details of its early financing but it raised $44.8m in series C-plus funding from Legend Capital, e-commerce firm JD.com, Prospect Avenue Capital, Skycus China Fund and China Logistic Investment Holding in August 2018 according to the IPO filing.
Prospect Avenue Capital, Matrix Partners China and financial services firm Bank of China’s Wellink Investments added $128m in a series D round three months later.
