Baidu Capital Leads Funding in Trucking Platform Huochebang
Sina Tech, 5/02/17
Guiyang-based operator of online and mobile logistics service platform Huochebang Technology (Truck Alliance) has announced the completion of USD 156 mln in Series B2 funding led by Chinese internet company Baidu's (Nasdaq: BIDU) investment firm Baidu Capital and Series B1 leader All-Stars Investment, with participation from several previous investors. Altogether, Huochebang has raised USD 270 mln (RMB 1.9 bln) in Series B funding at a valuation of more than USD 1.0 bln.
The funding will primarily be used to improve truck and cargo matching user experience, increase investments in technology, and support additional recruitment, according to Huochebang CEO Tang Tianguang. The company plans to utilize all available resources to grow its number of users and business service range, while also expanding into financial and after-market services.
The company also revealed that it is nearing completion on Series B3 funding.
Editor's Note: Huochebang helps match trucks with cargo in need of transport, vacant parking lots, and approximately 1,000 service centers it operates across China to support drivers. Huochebang's platform is available via both web and mobile clients, and is offered in two separate versions: a truck owner-facing client called Huochebang, and a cargo-owner-facing client called 56QQ (in Chinese, the numbers 5 and 6, or "wuliu," are a homonym for the word logistics, so 56QQ sounds like Logistics QQ). Huochebang does not take a cut of shipping fees, but instead earns revenues through the sale of toll cards, from which it takes a commission from the card top-ups, and from fees collected helping truckers with financing. For more information on the USD 115 mln funding round Huochebang completed in December 2016, please see "Truck and Freight-matching Platform Huochebang Wins USD 115 Mln Series B1," MD 12/22/16 issue.
Keywords: Tang Tianguang Internet funding valuation Baidu Series B BIDU logistics 56QQ Baidu Capital Huochebang All-Stars Investment
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