Chinese logistics marketplace Kali on Monday announced that it has secured 100 million yuan ($14 million) in a Series A round of financing led by Sino-Ocean Capital, the investment vehicle of Chinese developer Sino-Ocean Group.
Shanghai-based private equity companies Feng Wang Investment and Zimi Fund also participated in the Series A round. Investment bank China Renaissance, which has advised on a number of high-profile technology investments in China, acted as the financial advisor on the deal.
Founded in 2017 and headquartered in Shanghai, Kali is backed by the actual controllers of nine domestic logistics entities in China. The company provides full truckload logistics services to cold-chain transportation, production and manufacturing, as well as logistics and express delivery enterprises.
The company, which claims to have a transportation network covering over 94 per cent of the Chinese territory, operates an intelligent logistics platform to offer one-stop logistics services including online order processing and tracking, digital truck matching, automatic financial accounting and management, as well as satellite truck positioning. It is also involved in the vehicle aftermarket business, covering vehicle insurance, electronic toll collection (ETC), tire and lubricating oil procurement, among others.
Kali will use the proceeds to further expand the logistics network by introducing more self-operated and third-party truck fleets. The company also plans to upgrade the intelligent logistics platform and recruit more talent.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on December 9, 2019.
