Chinese Uber-style freight firm raises funding

Huochebang, a China-based logistics start-up that uses Uber’s ride-hailing model to help drivers find commodities to transport and even vacant parking lots, has raised US$56 million (€46.7 million) in funding last month to fuel its expansion across the Asian continent.

Three months ago, the fledgling company – which also facilitates truck sales and used truck auctions – had already raised US$156 million (€132.6 million) in venture capital, making it the only ‘unicorn’ in China’s booming online logistics market, according to China Money.

The new investment round will reportedly allow the Guiyang-based company to expand beyond China and explore new opportunities in Vietnam, Thailand and Myanmar.

Huochebang also cooperates with Alibaba Cloud, a subsidiary of Chinese online retail giant, Alibaba, to jointly develop logistics big data covering “logistic trucks routine, freight and vehicles distribution,” according to China Money.

Leave a Reply

Send this to a friend