FOR-U Smart Freight explained

FOR-U Smart Freight
Native Name:
Child:yes
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S:福佑卡车
T:福佑卡車
Industry:Online freight
Founded:March 2015
Hq Location City:Beijing[1]
Key People:Dandan Shan (founder, CEO)[2]
Revenue: (2020)

FOR-U Smart Freight[3] (previously Fuyoukache,[4] also spelled Fuyou Kache;[5]), or ForU Trucking,[6] also known as ForU Worldwide,[7] or simply as FOR-U,[8] is a China-based[9] road freight transport platform[10] founded by Dandan Shan[11] in March 2015.[12] It provides long-haul trucking logistics services to enterprises and third-party logistics firms[13] through web and mobile app.[14]

Invested by GLP, ZhenFund, and Legend Capital,[15] it focuses on the trucking logistics industry.[16] On March 1, 2021, ForU Trucking completed the brand upgrade and released the new name "FOR-U Smart Freight".[17] The company filed an application for listing with the SEC on May 13, 2021, and plans to list on the NASDAQ,[18] with Goldman Sachs, UBS and CICC appointed as its joint bookrunners.[19]

History

FOR-U Smart Freight initially started in Nanjing.[20] In December 2018, it completed a Series D financing round totaling $170 million,[21] led by BOCGI[22] and Matrix Partners China.[23]

FOR-U Smart Freight's revenue in 2020 reached ¥3.6 billion ($544.3 million).[24] In Q1 2021, the firm generated revenue of ¥1.183 billion.[25]

In March 2021, FOR-U Smart Freight signed on to UN Women's WEPs to mark International Women's Day 2021.[26]

Notes and References

  1. Web site: Legend leads $36m round for China truck logistics platform. Asian Venture Capital Journal. 10 March 2017. Winnie Liu.
  2. Web site: China's ForU Trucking says big data is revolutionising freight transport. SeaNews Turkey. 19 July 2019.
  3. Web site: McKinsey Interpretation: The total scale of China's road freight market in 2019 is about 5.5 trillion yuan. Securities Daily. 17 December 2020. Jiao Yue.
  4. Web site: Chinese truck logistics company Fuyoukache fetches US$170M in series D round. S&P Global. 19 Dec 2018. Maera Tezuka.
  5. Web site: Didi to Expand New Logistics Service From 8 to 19 Cities in China. Caixin Global. Apr 9, 2021. Ding Yi.
  6. Web site: JD.com-backed ForU Trucking mulls US$500m US IPO. International Financing Review. 25 Mar 2021.
  7. Web site: Road freight platform ForU Trucking launches U.S. IPO. 2021-05-17. National Business Daily. Cai Ding.
  8. Web site: China trucking player secures $200m Series E. Asian Venture Capital Journal. 25 May 2021. Larissa Ku.
  9. Web site: The Station: Exits at Waymo and Bird's SPAC reveals its scooter-nomics. May 17, 2021. TechCrunch. Kirsten Korosec.
  10. Web site: Boom in China Firms Listing in the U.S. Comes to Sudden Halt. 25 May 2021. Bloomberg News. Julia Fioretti.
  11. Web site: The 5th China Finance Summit was held in Beijing. Ta Kung Pao. 2016-07-25.
  12. Book: Xiang Li. Shao-ju Lee. Bing-lian Liu. Ling Wang. Contemporary Logistics in China: Interconnective Channels and Collaborative Sharing. 29 June 2019. Springer. 9789811378164. 148–.
  13. Web site: Venture capital deals of the week. Seeking Alpha. Jan 6, 2018. Brandy Betz.
  14. Web site: 2017 China Leading Fintech50. KPMG. 21 December 2017.
  15. Web site: Rebooting factories - AVCJ. Asian Venture Capital Journal. 14 March 2017.
  16. Web site: Builders and Innovators - Asia 2019 - Goldman Sachs. Goldman Sachs. January 8, 2020.
  17. Web site: Technology-driven freight platform upgrade ForU Trucking launches new brand identity. Securities Daily. 2021-03-02.
  18. Web site: Jingdong Logistics to raise up to more than 26.4 billion yuan in an IPO today. Sing Tao Daily (Canada). 2021-05-17.
  19. Web site: China's ForU Worldwide hauls in $100m US IPO. www.globalcapital.com. May 14, 2021. Jonathan Breen.
  20. Web site: New economy gathers new momentum. People's Daily. Oct 14, 2020.
  21. Book: Ling Wang. Shao-ju Lee. Xiao-fan Wu. Bing-lian Liu, Jian-hua Xiao. Contemporary Logistics in China: Persistent Reformation, Continual Opening and Vibrant Innovation. 6 August 2020. Springer Nature. 9789811569456. 42–.
  22. Web site: Opportunity for fast growth - Colliers International. Colliers International. Apr 23, 2020.
  23. Web site: Chinese online truck logistics platform raises $170m. Asian Venture Capital Journal. 18 December 2018. Jane Li.
  24. Web site: Form F-1 Registration Statement under the Securities Act of 1933 of ForU Worldwide Inc.. U.S. Securities and Exchange Commission. May 13, 2021. Jennifer Chan.
  25. Web site: ForU Trucking to go public on NASDAQ, plans to raise up to $500 million. Oriental Daily News. May 16, 2021.
  26. Web site: China's companies giving more opportunities to women. UN Women. March 30, 2021. Jane Li.

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