The round also saw participation from Zhen Fund, Jiangxi-based AVIC Trust, a trust company established by Aviation Industry Corporation of China, as well as existing investors Eastern Bell Venture Capital and Singapore-based Global Logistic Properties Ltd.(GLP), the report added.
Founded in 2014, Beijing-based Fuyoukache provides truck logistics services to enterprises and individuals, connecting truck drivers with those in need of logistic services via its online platform. The startup has operations spread across 31 provinces in China, and partnerships with over 30 logistics companies.
The latest round follows $9 million series A round raised by Fuyoukache from investors including Wu Yongming, a co-founder of Alibaba Group Holding Ltd in 2015, and a $15 million series B round led by China’s Eastern Bell Venture Capital, with participation from GLP in April Last year. GLP also provided $15 million in financial credit to Fuyoukache in November last year, said another report.
Legend Capital, formerly known as Lenovo Capital, is a private equity and venture capital arm of Legend Holdings Ltd specializing in seed or startup, early stage, expansion stage, late stages, and more. The firm recently secured $243 million for its seventh venture capital fund.
By 2016, Legend had invested in over 300 companies, of which 50 are listed on domestic or overseas stock exchanges with around 40 companies exited through strategic sales. Currently, the firm has total assets worth RMB 300 billion under management.