Chinese smart petrol service platform Nucarf bags nearly $100m

Petrol Station

Nucarf Group, an intelligent petrol solution platform for the logistics industry, has garnered approximately $100 million in its Series A and A+ rounds of funding, the company announced on WeChat on Tuesday. 

The Series A round of financing was led by returning investor Eastern Bell Capital and joined by Xiamen C&D Corporation Limited’s subsidiary C&D Emerging Industry Investment, while its Series A+ round was led by an unspecified leading European fund with the participation of Eastern Bell Capital. Supply chain focused Eastern Bell Capital has had made an undisclosed investment in Nucarf’s pre-A round in 2018.

Beijing-based boutique investment firm Chongying Capital served as the financial advisor. 

Nucarf plans to invest the proceeds to accelerate intelligent infrastructuring for the logistics and energy sectors. 

The fresh funding follows the completion of Nucarf’s acquisition of petrol e-commerce company Baoruitong in August this year. 

“We will support product development and nurture talent. Driven by technology innovation,  we will spruce up our line of businesses such as Baotuitong, Wanjinyuo and electronic toll collection (ETC) in a bid to serve our clients better,” Nucarf CEO Ziwu Chen said in the statement. 

Beijing Yidian Zhiyuan Technology is the largest shareholder in Nucarf having 57.06 per cent stake in Nucarf, followed by Eastern Bell Capital with a combined 22.5 per cent equity interest. 

Prior to that, in 2017, Nucarf had also closed its angel round of funding from state-owned Shenzhen Gaoxintou and Beijing Yidian Zhiyuan Technology. 

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.