Chinese smart logistics services provider Yunquna announced the completion of a $150 million series D1 funding round, bringing its total capital raised to more than $300 million.
The proceeds from the round, led by Citic Capital, will be mainly used to expand its network of overseas destination ports and improve its door-to-door cargo shipping services, Yunquna said in a statement on Tuesday. Door-to-door cargo shipping is a service whereby freight forwarders guarantee that goods will be picked up from and delivered to the locations decided by end customers.
Shanghai-based Yunquna said that it aims to use blockchain and big data to develop an international logistics system capable of estimating shipping space and charges.
To add to its presence in overseas markets including the U.S., Mexico, Brazil, Japan, Thailand and Singapore, Yunquna plans to establish branches in 20 more countries and regions in the next one to two years, according to the statement.
The value of the global logistics market is projected to reach $13 trillion by 2027, up from the $7.6 trillion in 2017, according to a report by research firm Allied Market Research.
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