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.