China: Logistics startup Fuyoukache raises $36m funding led by Legend Capital

Chinese truck logistics startup Fuyoukache has raised $36 million (RMB250 million) in a Series C financing round led by Legend Capital, as per a China Money Network report.

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.

Also Read: Legend Capital co-leads $14m Series B in Chinese auto tech developer

China: Alibaba, Legend Capital invest $20m in seafood marketplace Gfresh

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.