Chinese long-distance truck logistics services company Fuyoukache (ForU Trucking, 福佑卡车）announced today that it has closed a series D round financing of USD 170 million, led by BOCGI (Bank of China Group Investment Limited) and MatrixPartners China.
In China, road transport is the most important form of logistics, which is also the largest in the world with a market size of more than CNY 5 trillion. However, China's logistics industry has long been a problem of long trading chains, and low quality of services.
Founded in March 2015, the Beijing-based company now has an average order of 20000 each week, its services covering 30 provinces in China. ForU Trucking regards itself as a technological company, which applies cutting-edge technologies such as machine learning in the process of price inquiring, truck dispatching and account settlement.
Before this round, ForU Trucking acquired about USD 100 million in the past three years from a group of investors including e-commerce giant JD.com, Global Logistic Properties, Legend Capital, Eastern Bell Venture Capital, ZhenFund and so on.
Chinese logistics market has been highly pursued by venture capitals. In April, Manbang Group (fka Full Truck Alliance) raised USD 1.9 billion. Just 7 days ago, logistics technology company G7 networks closed its latest USD 320 million funding.