Duckbill, a Chinese shipping container logistics platform’s has secured US$30 million in a pre-Series B round of funding. The announcement was made by Lighthouse Capital, the financial advisor of the startup via a press release.
The round of funding was co-led by Future Capital and Shunwei Capital.
According to the statement, the startup will use the fresh funds for product research and development, business expansion to major ports across China, and acquire and build team.
Started in 2017 by team IT experts, Duckbill’s platform offers container transportation services. The platform serves as an intermediary between international freight forwarder and subcontractors by securing orders from international freight forwarding companies, and subcontracting them to truck drivers on the platform.
“New logistics infrastructure with significant efficiency improvements driven by digitalization is the focus of Lighthouse Capital. Duckbill has significantly improved shipping through innovations such as efficient dispatch systems, high-quality service systems, and supply chain finance,” Vice President of Lighthouse Capital, Li Zhengwei, noted in the statement.
“It is a great honor to witness the explosive growth of Duckbill in the past year, and continue to maintain extremely excellent capacity supply and customer retention,” he added.
“Duckbill directly connects freight forwarders and trucks by integrating existing decentralized trucking capacity drivers, and uses its self-developed order and dispatch management system to effectively achieve the goal of upgrading logistics efficiency,” Partner at Shunwei Capital, Cheng Tian said.