BEIJING — China’s Yunlsp, a platform for logistics information, recently raised 100 million yuan ($14.9 million) in a Series B funding round.
EWTP Capital served as the lead investor, with Grand Yangtze Capital and The Smith One as co-investors. Yiren Capital was the adviser for the round.
In 2020, Yunlsp held Series A1 and A2 rounds, raising several tens of million yuan in each.
Yunlsp provides tools for visualizing information, sending electronic vouchers, operating systems for forwarders, clearing customs and other services through a cloud-based system. The company also offers online services for customs declaration and booking. Founder Jin Zhongguo believes using the internet in international logistics is an important way of reducing uncertainty and improving work efficiency for freight forwarders.
Yunlsp’s revenue doubled in each of the past three years. The company, headquartered in the Chinese city of Suzhou, plans to enter markets in Southeast Asia and East Asia.
According to the company, its tools can analyze and integrate data, and provide early warning functions. These can shorten inquiry times by 90% and are now used by over 10,000 companies.
Yunlsp has expanded its service-as-a-software platform to include the sending of electronic vouchers and online customs declarations.
Electronic vouchers can reduce costs 40% to 90%, and the time it takes to send them can be shortened to 15 minutes — a drastic decrease from what could take up to a full day. In addition, costs of online customs declaration can be reduced 50%.
Total cost reductions by Yunlsp customers amounted to several hundred million yuan in 2021.
Yunlsp has worked with Tencent Holdings and others to develop QQ, an instant messaging app for international logistics. Jin said the company has no plans to change its policy of providing data and information services to small and midsize freight forwarders.
In the future, Yunlsp intends to add functions related to supply chains, tax rate calculation, hazardous object detection and shipping schedules.
The COVID-19 pandemic has restricted ports from operating normally. In addition, shipping companies have tended to sign long-term contracts with major logistic companies such as Germany’s DHL and Denmark’s DSV, putting small freight forwarders at risk.
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