Ruiyun Cold Chain, which provides cold-chain logistics solutions to enterprises, has sealed its Series A stage funding round participated by Jinding Capital.
Local investor Guizhou Zhongken Fund and existing shareholder Mizuho Leaguer Investment Fund joined the round, according to a company release on Tuesday.
The latest financing comes almost a year after the firm snapped up 200 million yuan ($28 million) in a pre-Series A+ round participated by local investors Panlin Capital, Qingsong Fung, Eight Roads, and China Merchants Venture, among others.
The firm will use the proceeds for M&As as well as expanding its logistics coverage in China, the release said. Since its inception in May 2020, Ruiyun has built up a cold-chain network serving over 1,600 counties across China.
Its cold-chain service platform – Lengyunbao – claims to have connected with over 90,000 merchants and 150,000 drivers to streamline the cold-chain delivery service and lower the logistics costs by 10-15%.
Ruiyuan Cold China CEO Zheng Ruixiang said in the release that the firm targets “hundred million yuan level” revenue and Southeast Asia expansion as the two main strategic goals for the next three years.
The logistics industry has shown signs of recovery in the first half of 2023 when the industry prosperity index rose to 55.5% in March, despite unstable momentum, according to a Cushman & Wakefield report.
The development of the semi-prepared food market in mainland China will further boost the cold chain logistics and warehousing sector, the report noted.