Xianshenghuo, a China-based cold chain logistics provider spun off by agricultural conglomerate New Hope, closed a RMB600m ($92.4m) series A round on Monday.
The capital was provided by Longfor Capital, a venture capital vehicle for real estate developer Longfor Group, as well as financial services provider Far East Horizon and CICC Capital, a subsidiary of investment banking group China International Capital Corporation.
Founded in 2016, Xianshenghuo runs an intelligent online platform called Yunlizhi that enables users to book transportation for fresh produce and meat from farms or factories to processing facilities, food retailers and restaurants while keeping it refrigerated or frozen.
The company operates across China and maintains 120,000 square meters of warehouse capacity in addition to a network of 50,000 drivers and 45,000 vehicles which are either owned by Xianshenghuo itself or by third parties.
Taihe Capital was financial adviser for the transaction. Xianshenghuo has not disclosed details of any earlier external funding.
