Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, led a RMB100m ($14.2m) series A round for China-based logistics services provider Yungehuo on Monday.
VC firm ZhenFund also participated in the round, together with investment firm Cowin Capital and undisclosed existing backers.
Founded in January 2018, Yungehuo has created a software platform with more than 10,000 users that connects businesses to logistics service providers across sea, air and land, in addition to adjacent services such as shipping insurance.
The system uses data analytics to provide customers with pricing quotes and other supply chain information, and has facilitated cargo deliveries across 400,000 shipping routes. Yungehuo plans to use the series A cash to support further business growth.
The company received an eight-figure renminbi (RMB10m = $14.8m) amount of pre-series A funding from Cowin Capital and ZhenFund in January this year, having raised an undisclosed amount from ZhenFund two months before, according to China Money Network.
The business also secured about $1.4m of angel funding from private equity fund manager QF Capital in August 2018, China Money Network stated.