International Finance Corporation (IFC), a member of the World Bank Group, and Chinese investment firm All-Stars Investment Ltd. have led a US$115 million series B-1 funding round in Huochebang, a Uber-like truck logistics start-up in China.
Existing investors Tencent Holdings Ltd., DCM and Genesis Capital also participated. China Money Network reported last month that IFC invested as much as US$20 million in Huochebang as part of a larger funding round.
"The proceeds will be used to improve our truck-goods dispatch platform, enhance our algorithm to create a better and more precise system," said Dai Wenjian, founder of Huochebang.
The company is also near the end of raising a series B-2 funding round, Dai told Chinese media.
Founded in 2014, Huochebang, which means "truck gangs" in Chinese, helps truck drivers find commodit...
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