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23
Aug
2017
All-Stars Leads $56M Round in Chinese Truck Logistics Firm Huochebang

All-Stars Leads $56M Round in Chinese Truck Logistics Firm Huochebang

23 Aug 2017


Founded in 2011, Huochebang helps truck drivers find commodities to transport and vacant parking lots, facilitates truck sales and used truck auctions, as well as providing other services related to the trucking industry in China. As of this July, the platform had 4.5 million registered trucks and 880,000 registered customers.

A number of unnamed investors also participated in the round, according to a company announcement.

The round brings Huochebang's series B funding round to a total of US$327 million. Three months ago, the start-up raised a US$156 million series B-2 round from Baidu Capital and All-Stars. Last December, it also received a US$115 million series B-1 round from International Finance Corp, All-Stars, Tencent Holdings Ltd., DCM and Genesis Capital.

"Huochebang is the only unicorn in the 'Internet Plus' logistics sector, and has build a high barrier," said Richard Ji, co-founder and chief investment officer at All-Stars. "We are optimistic about the future of Huochebang."

In 2016, the total value of external logistics goods in China reached RMB229 trillion (US$34 trillion), up 6.1% year-on-year. The total cost of external logistics accounts for 14.9% of the country's GDP, down 1.1 percentage point year-on-year, according to the National Development and Reform Commission.

Huochebang is currently the largest online logistics platform in China in terms of the number of users, covering 0.133% of the population. Yunmanman and 58 Suyun are the second and third largest platform respectively, according to TalkingData.

Source: China Money Network

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