Ruiyun Cold Chain Completes Nearly 100 Million Yuan in Series A+ Financing to Build a "Networked + Digital + International" Cold Chain Comprehensive Service Platform | Exclusive from 36Kr
Author | Zhong Yixuan
36Kr learned that "Ruiyun Cold Chain" recently completed a nearly 100 million yuan Series A+ financing round. This round of financing was led by Guangzhou Industrial Investment, with Hong Kong Zhongqiao following. The funds from this financing will be mainly used to improve digital capabilities and expand international business.
Ruiyun Cold Chain was founded in 2020 and is committed to improving the efficiency of the cold chain industry through networking and digitalization, providing full - scenario, digital, end - to - end cold chain logistics integrated services. The company is driven by digital technology at its core. Through the strategic layout of the "less - than - truckload network + capacity platform", it has achieved the integration of online and offline cold chain logistics services. Offline, it has built a national cold chain less - than - truckload network and a cloud warehouse network. Online, it has created a one - stop capacity service platform - Lengyunbao. Ruiyun Cold Chain has now become a leading comprehensive service platform in terms of user scale and transaction volume in the Chinese cold chain B2B market.
Image source: the enterprise
Currently, the Chinese cold chain industry is still in its early stage of development and there is a significant gap compared with developed countries. In terms of the market structure, the industry has pain points such as low market concentration, scattered distribution of logistics resources, unbalanced regional development, and insufficient industry standardization. However, it is worth noting that the refrigerated transportation rates of fruits and vegetables, meat, and aquatic products in China are only 35%, 57%, and 69% respectively, far lower than the over 90% level commonly achieved in developed countries. This huge gap also indicates that the Chinese cold chain market has broad growth space and development potential.
In response, Zheng Ruixiang, the founder and CEO of Ruiyun Cold Chain, told 36Kr that in 2020, the team noticed the opportunity of the imbalance between supply and demand in the Chinese cold chain industry and thus founded Ruiyun Cold Chain. As of 2024, the number of terminal stores served by Ruiyun Cold Chain has exceeded 100,000, and the order volume has increased by 70% year - on - year.
Since its establishment, the core business of the Ruiyun Cold Chain team can be summarized into the following three points: networking, digitalization, and internationalization.
In terms of networking, to solve the problems of cold chain logistics efficiency and standardization, Ruiyun Cold Chain's less - than - truckload network has set up 33 self - owned transfer centers across the country, opened 118 branch buses at core nodes, linked more than 100 partner enterprises and more than 700 franchisees, and its cold chain business covers more than 1,700 districts and counties across the country. The cloud warehouse network has been deployed in 23 city warehouses, covering more than 100,000 stores across the country. Currently, the daily handling capacity of the national cold chain less - than - truckload network exceeds 150,000 tons, reaching the leading level in the industry.
In terms of digitalization, Ruiyun Cold Chain focuses on the B2B market by deploying Lengyunbao, linking more than 180,000 shippers, 260,000 drivers, and 260,000 refrigerated trucks to match the needs of refrigerated trucks and shippers, and solving the problems of online operation, transparency, and waste of return vehicle resources. The company has successfully built a full - chain self - developed system covering order processing, middle - platform operation, back - end management, data reports, and an AI large - model for cold chain industry data. It has also taken the lead in using big data and artificial intelligence technologies to solve key industry problems such as intelligent pricing, intelligent dispatching, intelligent risk control early warning, and intervention.
As for going global, Ruiyun Cold Chain officially launched its internationalization strategy in March 2024, starting from cross - border cold chain logistics. It has invested in self - purchased refrigerated containers and combined with a one - stop online comprehensive service platform to achieve digital end - to - end services. Currently, the company will launch cross - border cold chain transportation services between China and six countries including Laos, Vietnam, Thailand, Cambodia, Singapore, and Malaysia, as well as cold chain warehousing and distribution services in Thailand and Hong Kong, China.
Zheng Ruixiang also told 36Kr that the overseas cold chain transportation process is much more difficult than expected. There are significant policy differences among Southeast Asian countries, coupled with language and cultural barriers and complex customs clearance procedures. These problems pose challenges to the localization of cold chain services. Therefore, Ruiyun's cross - border business adopts the "self - invested refrigerated containers + local cooperation" model. In the initial stage, it uses local agents to solve customs clearance, warehousing, and other links to reduce policy risks. For example, Ruiyun Thailand is jointly invested by Ruiyun Cold Chain, SCGJWD, and Golden Line, integrating China's leading cold chain logistics technology, Thailand's local resource advantages, and cross - border logistics experience.
Building a networked and digitalized system and linking online and offline integrated services means that Ruiyun Cold Chain's core advantage lies in providing a platform - carrier model, aiming to solve the most difficult fulfillment link in the cold chain industry, rather than a matching model.
Regarding the company's future planning, Zheng Ruixiang told 36Kr that in the past five years, Ruiyun has built an innovative B2B business model in the cold chain industry, deployed the "two - network - one - platform" and "domestic + international" strategies, and built integrated service capabilities. "I think the ultimate model of cold chain logistics in the future is still an integrated supply chain. In the future, Ruiyun will continue to focus on the B2B market and seize the opportunity to transform from a cold chain logistics platform to a fresh food supply chain platform."
36Kr also learned that previously, Ruiyun Cold Chain had received investments from investment institutions such as Panlin Capital, QingSong Fund, Steadview Capital, CMG Venture Capital, Mitsubishi Corporation, Mizuho Lihe, Guizhou Zhongken Fund, and Jinding Capital, as well as top Fortune 500 companies.
Investors' Views:
Chen Liang, the investment director of Guangzhou Industrial Investment, said: "Limited by the regionality, seasonality, and high cargo damage rate of cold chain logistics products, the threshold and barriers of the cold chain logistics industry are much higher than those of general cargo logistics. Ruiyun Cold Chain has built a backbone network for offline cold chain logistics and regional branch networks in various regions, as well as an efficient online cold chain logistics integration platform, forming a unique competitive advantage that combines online and offline, heavy and light assets. The company's exploration of international business has also achieved initial success. We believe that we will soon be able to enjoy a greater variety, better - quality, and lower - priced overseas fresh products. Guangzhou Industrial Investment's investment in Ruiyun Cold Chain this time supports the company to further explore market potential and improve operational capabilities in Guangzhou and Hainan and expand international business."
Lu Yonghe, the chairman of Hong Kong Zhongqiao, said: "We have seen the continuous breakthroughs of Ruiyun Cold Chain in digital and intelligent construction. Its technology - driven development path has formed a solid barrier in the domestic market. As the domestic foundation is continuously strengthened, the company is gradually promoting its internationalization strategy, especially the expansion in the Southeast Asian market, showing broad development potential. Hong Kong Zhongqiao has always been paying continuous attention to high - quality enterprises with cross - cycle and international development capabilities. In the future, we will continue to support Ruiyun Cold Chain's international development and look forward to its continuous leadership in the global cold chain track."