Fuyoukache, the China-based trucking services marketplace backed by e-commerce firm JD.com and logistics provider Global Logistic Properties (GLP), has raised $170m in series D funding, China Money Network reported today.
The round was co-led by Bank Of China Group Investment, a subsidiary of financial services group Bank of China, and venture capital firm Matrix Partners China, according to a statement on Fuyoukache’s WeChat account.
Fuyoukache connects truck drivers with businesses, individuals or third-party logistics providers that need packages delivered, the company having formed partnerships with logistics firms Deppon, SF Express and ZJS Express.
The platform also applies machine learning and artificial intelligence to enable goods to be distributed and routes optimised in the most efficient manner, and Fuyoukache intends to use the series D funding to improve its technology.
The company has now received a total of approximately $253m in funding, including $23m in a January 2018 round led by JD.com’s logistics arm, led by JD Logistics, and backed by GLP and Legend Capital, the VC firm launched by conglomerate Legend Holdings, and Eastern Bell Venture Capital.
Legend Capital had led a $36m series C round for Fuyoukache in March 2017 that followed a $15m series B led by Eastern Bell the year before that included GLP. Investors including Wu Yongming, a co-founder of e-commerce group Alibaba, had supplied $9m of series A funding in 2015.
