China-based smart logistics technology developer Yunyou Freight has raised an eight-digit dollar amount in a series B1 round co-led by internet group Tencent.
Eastern Bell Capital co-led the round, which also featured venture capital firm BlueRun Ventures. The former investor had already backed a series B round of undisclosed size in 2019.
Founded in 2016, Yunyou runs an artificial intelligence-equipped business-to-business software platform that helps users with logistics scheduling, route planning, pricing and operations.
The company will use the cash to expand the range of business areas in which it operates while improving its digital research and development efforts.
Tencent had joined Joy Capital to provide series A funding for Yunyou in 2018, following a pre-series A round of similarly undisclosed size the year before featuring AP Capital. BlueRun Ventures had supplied an undisclosed amount of seed capital in 2016.
