YunQuNa, a China-based shipping platform operator backed by conglomerate Sumitomo, increased its series D1 round to $150m on Tuesday with a second tranche led by private equity firm Citic Capital.
The tranche included venture capital fund Xiang He Capital and unnamed returning investors, and it followed a $100m first close secured at a valuation exceeding $1bn and revealed last month. It also featured undisclosed investors that likely included VC firm Source Code Capital.
Founded in 2014, YunQuNa provides a business-to-business e-commerce marketplace that enables merchants to book international logistics services. The big data and blockchain-enabled platform also helps users with customs declaration, warehousing and freight insurance.
YunQuNa will use the funding to increase its presence in 10 to 20 markets outside its home country, Brazil, Japan, Thailand and the United States, in addition to improving its freight forwarding business.
The company has secured $300m in total funding. It received $70m in a mid-2019 series C round co-led by Sequoia Capital China and Coatue Management and backed by Source Code Capital. Coatue had led a series B2 round sized in the eight-digit dollar range earlier the same year.
Sumitomo’s Equity Asia subsidiary provided an undisclosed amount of series B1 funding for YunQuNa in 2018. Its earlier backers include China Merchants Innovation Investment, a vehicle for financial services group China Merchants Bank, as well as DCM Ventures.
