Digital logistics platform YQNLINK has secured a new round of $70m financing from Sequoia Capital China, New York-based technology hedge fund Coatue and Beijing-based venture capital Source Code Capital.
The investment is the single largest investment that a Chinese shipping technology firm has ever secured.
YQNLINK was launched in February 2015 and offers a one-stop logistics service, integrating air and ocean freight forwarding, customs clearance, trucking, warehousing, and distribution services.
Since its inception, YQNLINK has formed strategic partnerships with major ocean carriers including Cosco, Maersk, CMA CGM and Hamburg Süd.
The company said it would focus on the development of its overseas network following the completion of the new financing.
“We expect to use innovative digital tools to empower the traditional redundant and inefficient cross-border logistics service, helping Chinese enterprises better explore the overseas market by transferring the traditional network into something as convenient as a smart grid,” said Zhou Shihao, founder and CEO of YQNLINK.