YunQuNa, a Chinese-born global intelligent logistics services platform, on Tuesday announced the completion of a $ 100 million D1 Series funding round to achieve a unicorn valuation of over $ 1 billion. dollars.
Investors in Series D1 were not disclosed. Beijing-based Source Code Capital, which backed YunQuNa’s Series A in 2017, said in a statement that it has continued to move up into Series B, C and D.
Shanghai-based YunQuNa, which has served around 20,000 businesses to date, plans to further increase its stakes in building a global logistics network using the new revenues. It aims to add “dozens” of new logistics centers in major countries and regions over the next one to two years. This should strengthen the company’s existing network which covers markets such as Mexico, Brazil, Japan, the United States, Vietnam, Thailand, Singapore and beyond.
The startup also aims to increase the application of technologies, such as blockchain and big data, to fuel new offerings, including shipping space and fee estimates, with the aim of helping customers. in their cross-border logistics management and decision-making processes.
As the Chinese startup seeks to expand aggressively in the global logistics market, the market size is poised to reach nearly $ 13 billion by 2027 with a compound annual growth rate (CAGR ) by 6.5% from 2020 to 2027, according to a report by the research firm. Allied market study in March.
The international logistics industry is entering “a VUCA era,” said Zhou Shihao, founder and CEO of YunQuNa, in the source code statement. VUCA, coined in Leadership Theories by American scholars Warren Bennis and Burt Nanus, is an acronym that describes the volatility, uncertainty, complexity, and ambiguity of general conditions and circumstances.
âDigital technology is one of the best tools to deal with this uncertainty,â he said. âIn the future, we will open our technologies and our offers to industry to empower players in the upstream and downstream industrial chain. We hope this will help accelerate the intelligent upgrade of the international logistics industry. “
YunQuNa, which started operations in February 2015, relies on e-commerce, big data and artificial intelligence (AI) to provide its customers with 24/7 services through its platform. end-to-end online container freight forwarding.
Through its relationships with over 100 transport companies, the platform allows the cargo owner to select the supplier that best meets route and delivery time requirements. It also offers other value-added solutions, including ETA estimation, customs clearance, freight tracking and account settlement.
YunQuNa plans to facilitate up to 700,000 TEUs, or twenty-foot equivalent units, in 2021. A TEU is a shipping container with internal dimensions of approximately 20 feet long, eight feet wide and eight feet high. .
The Series D round is YunQuNa’s seventh venture capital funding round. Previously, the startup had pocketed $ 70 million in its Series C round led by Sequoia Capital China and New York-based Coatue Management in June 2019.
His supporters also include the DCM of Silicon Valley; China Merchants Venture, a subsidiary of China Merchants Group, a state-owned company; and Sumitomo Corporation Equity Asia Limited (SCEA), a venture capital (VC) subsidiary of Japanese company Sumitomo Corporation.