Chinese logistics startup Duckbill closes $50m funding
Duckbill, the world container trucking/drayage service platform featuring intelligent dispatching and transportation management, announced the closing of fund raising of $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.
Tang Hongbin, Founder, Duckbill: "In 2020, China's foreign trade value surpassed $4.65 trillion,and homed 7 out of 10 busist container ports in the world.The container drayage market in China is unparalleled globally, which recorded annual turnover more than $23 billion. In this context, Duckbill is embracing tremendous opportunities via its advanced algorithm-empowered software and management system. We are a digital , the future of the industry. 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 leadship in the products, expand to all major ports and introduce more products for our customers."
Tang believes that Duckbill product is much more comprehensive than feight-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.