Insurance group Taikang has led a RMB500m ($71.1m) series C1 round for China-based cross-border services provider Zongteng Group, DealStreetAsia reported yesterday, citing an official announcement.
Real estate developer and supply chain services provider Xiamen C&D also participated in the round, as did venture capital firm Zheshang Innovation Capital, investment firm Fuzhou Financial Holdings and JAHG.
Zongteng provides cross-border logistics services for e-commerce retailers from a base that spans 33 countries. It offers warehousing and fulfilment, supply chain optimisation and product distribution, and will direct the funding towards an international growth drive that will include an expansion of its global warehousing facilities.
Warehouse operator Global Logistic Properties (GLP) co-led the company’s last round, a $104m series B in March 2019, with private equity firm Cathay Capital, the two investing alongside venture capital firm Eastern Bell Venture Capital.
Eastern Bell had led a $14.9m series A round for Zongteng in 2018 that followed an undisclosed amount of funding from Zonglink Capital and Qianhai Mergers and Acquisitions Funds two years earlier.
The company’s earlier investors also include diversified conglomerate Fosun and Tzitzit Asset, according to DealStreetAsia. China Renaissance advised it on the series C1 round.
Taikang investment director Wei Wei was quoted by DealStreetAsia as saying: “The rapid development of cross-border e-commerce is a result of competitive manufacturing industrial chain in China. It will grow at a good clip in the long-term future.”
