Nucarf Group, an intelligent petrol solution platform for the logistics industry, has garnered approximately $100 million in its Series A and A+ rounds of funding, the company announced on WeChat on Tuesday.
The Series A round of financing was led by returning investor Eastern Bell Capital and joined by Xiamen C&D Corporation Limited’s subsidiary C&D Emerging Industry Investment, while its Series A+ round was led by an unspecified leading European fund with the participation of Eastern Bell Capital. Supply chain focused Eastern Bell Capital has had made an undisclosed investment in Nucarf’s pre-A round in 2018.
Beijing-based boutique investment firm Chongying Capital served as the financial advisor.
Nucarf plans to invest the proceeds to accelerate intelligent infrastructuring for the logistics and energy sectors.
The fresh funding follows the completion of Nucarf’s acquisition of petrol e-commerce company Baoruitong in August this year.
“We will support product development and nurture talent. Driven by technology innovation, we will spruce up our line of businesses such as Baotuitong, Wanjinyuo and electronic toll collection (ETC) in a bid to serve our clients better,” Nucarf CEO Ziwu Chen said in the statement.
Beijing Yidian Zhiyuan Technology is the largest shareholder in Nucarf having 57.06 per cent stake in Nucarf, followed by Eastern Bell Capital with a combined 22.5 per cent equity interest.
Prior to that, in 2017, Nucarf had also closed its angel round of funding from state-owned Shenzhen Gaoxintou and Beijing Yidian Zhiyuan Technology.