YunQuNa, a China-based logistics services platform provider that counts conglomerate Sumitomo as an investor, has completed a $100m series D1 round at a valuation of over $1bn, DealStreetAsia reported yesterday.
The participants in the round were not disclosed, through venture capital firm Source Code Capital reportedly said it has backed the company’s series A, B, C and D rounds.
Founded in 2014, YunQuNa provides an online marketplace used by businesses to select and book freight shipping services. It claims its platform connects to more than 100 shipping companies.
The company will use the funding to develop its global logistics network and open new logistics centres over the next two years. It also plans to utilise technologies such as blockchain and big data to add new services to its offering.
YunQuNa closed its series C round at $70m in June 2019. It was co-led by Sequoia Capital China and Coatue Management while Source Code Capital also took part. It had secured an eight-digit dollar amount in a February 2019 series B2 round also led by Coatue Management.
Sumitomo’s Equity Asia vehicle had supplied an undisclosed amount of series B1 funding for the company five months earlier. Its other backers include DCM Ventures and China Merchants Innovation Investment, a venture capital subsidiary of financial services firm China Merchants Bank.