Temasek leads $50m funding in Chinese container truck fleet operator Duckbill

Photo: Duckbill

Singapore state investor Temasek Holdings Limited has led a $50 million new funding in the Shanghai-based container truck fleet operator Duckbill Inc, according to a company statement on Tuesday.

The fresh funding, which the company claims is the largest single fundraising in the industry in China, brings the total corpus raised by Duckbill to nearly $100 million.

The latest round was joined by Pavilion Capital, a Singapore-based, growth-stage venture investor that targets companies in the US and Asia. Returning investor Future Capital also made a follow-on investment.

Duckbill will continue to align its R&D capacity with new generation logistics management systems, while it also plans to facilitate its digital transport networks, it said after the fundraising.

Duckbill, also known as Yazuishou in China, operates online container trucking services for international trade. Its services include shipments, monitoring, and the management of trucks.

Set up in 2017 in Shanghai, Duckbill has built a presence in East China through the integrations of Ningbo Zhoushan Port and Taicang Port. The operator is currently making efforts to dig into Southeast and North China, as it has exhibited rapid growth after foraying into Shenzhen Port and Qindao Port last year.

As of 2020, Duckbill has provided container truck fleet services to nearly 6,000 clients. 

Duckbill had secured $30 million in a Pre-B round of financing from Xiaomi’s Shunwei Capital, and Beijing-based investment firm Future Capital in September 2020. 

It has also completed eight rounds of financing from Sunyard System Engineering, Cannova Investment, Eminence Ventures, and Fengwang Investment, among others.

The growth potential of container truck operators in China has been bolstered by the rapid growth of China’s foreign trade, which touched over 32 trillion yuan ($4.9 trillion) in 2020. The market size for container truck fleet also reached about 1 trillion yuan ($154 billion) last year. 

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.