International Finance Corporation (IFC), the private sector investment arm of multilateral financial institution World Bank, is set to provide up to $20m for China-based online truck logistics platform HuoCheBang, DealStreetAsia has reported.
HuoCheBang is the developer of a logistics platform that allows truck drivers to connect with cargo shippers so they can find commodities waiting to be transported and locate available spaces to park, reducing the average time taken for them to find work.
The investment is expected to form part of a larger round, and HuoCheBang plans to use the capital to enhance the platform’s technology and expand its services offering.
HuoCheBang secured about $35m in venture funding in an April 2016 round led by Genesis Capital. It had previously raised an eight-figure renminbi (RMB10m = $1.5m) sum in an August 2015 series A+ round led by internet company Tencent.
The August round, which included Hillhouse Capital and DCM Ventures, came after Zhongding Capital had led a series A round of undisclosed size for HuoCheBang in May 2015.