Yunquna, a Chinese online portal for global shipping and air freight delivery services, has raised $70 million in a series C round of funding, its third capital raise in six months.
Yunquna said on Tuesday that the funding round was co-led by Sequoia Capital and US hedge fund Coatue Management. Chinese venture capital fund Source Code Capital also committed new funds.
Both Coatue Management and Source Code Capital invested in Yunquna’s previous round of funding four months ago. The company raised more than $10 million in the B2 funding round in February.
That was three months after it closed its B1 round of funding with Sumitomo Corporation Equity Asia, the corporate venture capital arm of Japanese construction-to-energy conglomerate Sumitomo Group.
In a statement posted on its official blog, Yunquna specifically emphasises Sequoia Capital’s commitment, claiming the private equity firm has extensive experience in backing logistics companies in China.
Sequoia has invested in leading logistics services providers such as JD Logistics, Manbang, Lalamove and ZTO Express.
Yunquna, which means "where to deliver" in Chinese, helps its corporate clients keep track of their international shipments through a management system that connects all the parties involved in the delivery process, including shipping companies, port operators, warehouses, cargo airlines and truck drivers.
Its strategic partners include Maersk, Cosco Shipping and Sinoair, the air freight forwarding unit of Chinese logistics giant Sinotrans.
Besides logistics tracking, Yunquna also provides real-time price discovery, container booking, custom clearance, insurance and storage services.
The five-year-old startup says it is the first to close series C funding among international shipping service providers in China.
The proceeds from the new round of funding will be used to expand its international network and upgrade its logistics management systems, the company said in the statement.
In particular, the company plans to improve its management system with artificial intelligence and cloud computing technologies to support new services like delivery route and storage space optimisation.
It is expected to set up local branches and establish storage facilities in the US, Japan, Vietnam, Thailand and Djibouti by the end of this year.
