Shanghai-based cold chain service provider Jiuye Supply Chain Management announced that it has completed its Series C+ funding round, led by CMH Growth Fund, which is jointly funded by China Merchants Group and Japan’s Mizuho Financial.
Jiuye did not disclose the amount it raised in the funding round but said the fresh capital will be used for the development of the cold chain logistics platform and its global fresh food direct services platform Freshcn.
“We will use the proceeds from the latest round of financing to expand our development in IT technology and fresh cloud warehousing to build a global fresh supply chain service platform,” said Jiuye CEO Zhang Bing.
Founded in November 2014, Jiuye integrates technology to meet growing consumer demand. The company claims that its cloud platform enables all parties in the supply chain to connect in real-time, making visual mobilization and collaboration possible.
“Jiuye is a modern supply chain company that provides one-stop services for fresh produce and food for companies in the agriculture, e-commerce, and food processing industries,” the company said.
The company has a fleet of 2,000 vehicles and more than 1,500 established routes. Its business-to-consumer deliver service handles as many as 200,000 daily orders.
The latest funding round is the sixth injection of investment in Jiuye in four years. In February, the company received a strategic investment from Thailand’s Chia Tai Group. Jiuye SCM’s major shareholders now include Hong Kong-listed Sino-Ocean Group, Chia Tai Group, and Hong Kong-based state-owned China Merchants Capital.
Zhang said China’s cold chain industry is generally experiencing low IT integration and below-standard quality of fresh produce. Jiuye, he added, aims to upgrade its supply chain techniques to push the overall development of the industry.
“Currently, we help more than 1,000 agricultural and food business customers at home and abroad to manage an inventory of nearly 15,000 stock keeping units,” said Zhang.
CMH Growth Fund, the lead investor in the Series C+ round, is jointly funded by China Merchants Capital and Japan’s Mizuho Financial Group. It primarily invests in companies with high-end technology, leading brand quality, and promising market expansion in Greater China.