Xingyun Group Closes Series C Worth USD 200 Million
The funds raised will be used for the continuous in-depth expansion of the industrial chain and the enhancement of the supply chain.
On September 24, Xingyun Group, a global commodity integrated service platform, completed a series C round of financing of USD 200 million, jointly led by Taikang Life Insurance, Highlight Capital and PEPM, followed by Morningside Capital and Matrix Partners China.
Established in May 2015, Xingyun Group provides brand services, middle-office system services in exchange supply chain management and cross-border logistics services. The company has established warehouses in more than ten cross-border e-commerce pilot cities in China. At present, the whole-process cross-border supply chain service constructed by the group has formed a closed loop of upstream, midstream and downstream transactions, helping brands and imported retail channels to connect efficiently.
In the context of the epidemic, cross-border e-commerce has played a role in ensuring a stable supply. The gross profit margin of the company achieved a year-on-year increase of 173% in 1Q 2020. Moreover, Xingyun Group and SPD Silicon Valley Bank signed a strategic cooperation agreement to launch a unique supply chain financing products jointly and empowering supply chain finance to promote the rapid development of cross-border e-commerce.