China Digest: YunQuNa, Oncologie raise capital to expand ops

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Investment firms Sequoia and Coatue led a $70 million funding round in YunQuNa, a Chinese online portal that offers logistics trading and services. In a separate development, oncology therapeutics startup Oncologie raised $80 million in a Series B funding round.

Sequoia, Coatue lead $70m investment in YunQuNa

YunQuNa, a Chinese online portal that offers logistics trading and services on a global scale, has raised $70 million in a series C funding round, led by Sequoia Capital China and New York-based technology hedge fund Coatue Management, according to an announcement.

YunQuNa’s existing backer Source Code Capital, a Beijing-based venture capital firm, also participated in the current funding round, China Money Network reported.

The company plans to use the capital to focus on upgrading its overseas network and logistics system.

“We expect to use innovative digital tools to empower the traditional redundant and inefficient cross-border logistics service, helping Chinese enterprises better explore the overseas market by transferring the traditional network into something as convenient as a smart grid,” said Zhou Shihao, founder and CEO at YunQuNa.

Founded in 2015, YunQuNa provides services such as logistics price inquiry, cargo space booking, customs clearance, logistics tracking, cargo handling and insurance.

Oncologie raises $80m in Series B round

China and US-based oncology therapeutics startup Oncologie has raised $80 million in a series B funding round, led by Hong Kong-headquartered investment firm Nan Fung Life Sciences, and Pivotal BioVentures Partners China, a member of Nan Fung Life Sciences, China Money Network reported.

The round also saw participation from Chinese firms such as Volcanics Venture, Panacea Venture and Jiuyou Capital, besides Korea Investment Partners and Korea’s KB Investment.

Founded in 2018, Oncologie is an innovative biopharmaceutical company using proprietary biomarkers to drive clinical development of next-generation oncology therapeutics.

Nan Fung Life Sciences is a principal investment firm based in Hong Kong. The firm has made 11 investments to date, according to Crunchbase.