Duckbill Announces the Closing of Its US$50 Million Funding led by Temasek, a New Record in the Industry
PR88611
SHANGHAI, March 22, 2021 /PRNewswire=KYODO JBN/ --
Duckbill, the world leading container trucking/drayage service platform
featuring intelligent dispatching and transportation management, announced the
closing of fund raising of US$50 million which marks the biggest funding in the
industry.
This round of funding was led by Temasek, with participation from Pavilion as
well as existing shareholders including Future Capital, Discovery Fund, Shunwei
Capital, Furong Capital, Zip Capital etc. Lighthouse Capital remained the role
of exclusive financial adviser. Since 2017, Duckbill has completed several
rounds of fund raising, which brings cumulative investments into the startup
company to approximately $100 million, making it second to none in China in
terms of amount and speed in this regard.
"In 2020, China's foreign trade value surpassed US$4.65 trillion,and homed 7
out of 10 busiest container ports in the world.The container drayage market in
China is unparalleled globally, which recorded annual turnover more than US$23
billion. In this context, Duckbill is embracing tremendous opportunities via
its advanced algorithm-empowered software and management system," said Mr. Tang
Hongbin, the founder of Duckbill.
Mr. Tang believes that Duckbill product is much more comprehensive than
freight-matching service provided by other transportation platforms in consumer
markets. "We serve the factory with the first mile logistics for their product
go abroad," Tang pointed out, "What our customers need is industrial Level
logistics, which guarantees visible, reliable, efficient solution basis a large
scale transporting capacity. Such capability is then only available in a
tech-driven company like Duckbill via its overwhelming advantages in both IT
and logistics industry comparing with existing traditional and clunky players."
Comparing with other trucking platform who are focused on long-haul shipments
or urban cargo transportation in China, Tang, the energetic and ambitious ex IT
manager, have smartly and decisively steered Ducksbill into a more complex but
lucrative niche. Beside the transportation service, Duckbill also provides
value adding services for customers such as customs declaration,cargo loading
surveillance etc.. This redefines service excellence in the industry. By end of
2020, Duckbill was serving 6,000 freight forwarders and shippers, transported
700,000 TEUs of goods across China. Its operation is active in Shanghai,
Qingdao, Taichang, Ningbo, Shenzhen. As a result, Duckbill has witnessed CAGR
of more than 220% by revenue since 2017.
"We are a digital , the future of the industry," said Tang, "in front of our
customers we are a reliable trucking fleet with 80000+ subscribed drivers and
capacity to handle 1000 loads of cargo daily today. Thanks to our edge in tech
and business mode, we are confident to grow 10-20 times bigger soon . With new
funding of the round, we are to constantly keep our leadership in the products,
expand to all major ports and introduce more products for our customers."
SOURCE: Duckbill
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Link: http://asianetnews.net/view-attachment?attach-id=387148
Caption: Duckbill will expand to all major Chinese ports in next two years.
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