Zong Teng (纵腾集团), a Chinese-based freight forwarding company announced today that it has completed a series B funding round of CNY 700 million (USD 100 million), reported by 36kr. This round of funding was led by Cathay Capital (凯辉基金) and Global Logistic Properties (GLP) with participation from Eastern Bell Venture Capital (钟鼎创投).
Zong Teng has just completed its Series A funding round of CNY millions backed by Fosun Capital, Eastern Bell Venture Capital, and GLP in March 2018.
Zong Teng was established in Fuzhou, the capital of southeastern China's Fujian province, in 2007. It started as cross-border e-commerce in platforms such as Amazon and eBay, selling electronics, home, furniture & appliances, and toys. Later it started its own cross-border website called Tmart.com and set up warehouses in China and overseas.
Zong Teng’s main focuses are on operating warehouses for cross-borders e-commerce companies and providing liner logistic and some other extra services. It now has overseas warehouses in Japan, Australia, the UK, the US, and Germany. According to 36kr, it now has 60 warehouses and transport interchanges, the number of daily orders reaching 500 thousand.
Overall, the current business model of Zong Teng constitutes three key components which are cross-border e-commerce, overseas warehouse, and logistics.
It was acquired around the time while Zong Teng was completing its Series A funding.
It claims it has some advantages in the US and the European market and has around 10 transport interchanges and 800 logistics professions globally.
According to the website that the average number of daily orders is around 150 thousand.
It claims that it could help clients lower logistics and storing costs as well as better management on inventories.
In the next three years, it wants to achieve the goal from China-Global to Global-Global, which mean it plans to help more overseas businesses to sell and ship their products across the world and simplify the process for them to purchase from overseas.