China-based trucking services marketplace Fuyoukache has raised RMB150m ($23m) in a round led by JD Logistics, a subsidiary of e-commerce firm JD.com, China Money Network reported today.
Logistics firm Global Logistic Properties (GLP) also took part in the round, as did Legend Capital, the venture capital firm founded by conglomerate Legend Holdings, and fellow VC firm Eastern Bell Venture Capital, according to a statement on Fuyoukache’s WeChat account.
Fuyoukache operates an online platform that connects truck drivers with people or businesses that require goods to be delivered over long distances. It covers 31 Chinese province-level areas and has formed partnerships with more than 30 domestic logistics companies.
In addition to its investment, JD.com will supply big data technology to Fuyoukache in order to help it improve its pricing algorithms, customer service and user data analysis.
The round increased the company’s overall funding to approximately $83m and came after Legend Capital had led its $36m series C round in March 2017.
Fuyoukache had initially raised $9m in a 2015 series A round featuring Wu Yongming, a co-founder of e-commerce group Alibaba, before adding $15m in a 2016 series B led by Eastern Bell and backed by GLP.