China-based supply chain services provider Shanghai Yimi Dida has raised RMB1.8bn ($266m) in series D funding from investors including property developer Prologis, Yicai reported yesterday.
Private equity firms Boyu Capital and Hopu Investments co-led the round, which included venture capital firm Source Code Capital.
The company initially announced the deal through a statement on QQ that stated logistics service provider Global Logistics Properties (GLP), CDH Investments, Cathay Capital, K2VC, Pioneer Investment, CapHill Investments, China Development Bank and Sino-Ocean were among its investors without confirming their participation in this round.
Also known as Yimidida, Yimi Dida was founded in 2015 by the merger of 14 regional logistics companies. It provides last-mile delivery services organised through a cloud-based software platform and delivers to a wide range of areas including rural centres.
The series D funds will support the expansion of Yimi Dida’s transportation network, adding automotive and rail options, as well as customer acquisition and research and development.
GLP and Source Code Capital provided a reported $14m in series A funding for the company in September 2016 before returning for a $14m series A-plus round led by Cathay Capital Private Equity three months later.
Yimi Dida secured a further $44.3m in a mid-2017 series B round led by alternative asset management firm CDH Investments that also featured GLP, Source Code Capital, K2VC and Tuofeng Investment. It has not disclosed details of series C funding.
