Ruiyun Cold Chain Valuation, Funding & Investors
Ruiyun Cold Chain is valued at $251M as of November 2022.
Last Ruiyun Cold Chain valuation
$251M
Seed · Nov 2022
Last Ruiyun Cold Chain funding round
Series B
Amount undisclosed · Mar 2026
Cumulative funding Ruiyun Cold Chain raised
$145M
across 6 funding rounds
Key investors in Ruiyun Cold Chain
Eight Roads Ventures
Mizuho Capital
Qingsong Fund
Pan-Lin Capital
China Merchants Venture
China Merchants Venture Capital
Ruiyun Cold Chain Overview
About Ruiyun Cold Chain
Ruiyun Cold Chain is a Chinese cold chain logistics platform combining a nationwide offline network of transfer centers and cloud warehouses with an online freight-matching platform called Lengyunbao. Founded in 2020, it offers trunk transportation, warehousing, less-than-truckload, and urban distribution services for cold chain shippers in catering, retail, fresh produce e-commerce, and food, connecting hundreds of thousands of shippers, drivers, and refrigerated trucks. The company serves more than 100,000 terminal stores and uses AI and big data for pricing, dispatching, and risk control.
Founded
2020
HQ
BeijingWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission, Subscription
Valuation
$251M (Nov 2022)
Ruiyun Cold Chain Valuation
Ruiyun Cold Chain is currently valued at $251M, based on its seed round in November 2022.
The $28M round included China Merchants Venture, MUFG, Mizuho Capital, Qingsong Fund, Eight Roads Ventures and 1 other investor.
Ruiyun Cold Chain's valuation has moved from $345M at its seed round in August 2021 to $251M in November 2022, across 2 priced rounds.
Ruiyun Cold Chain valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2022 | Seed | $251M |
| Aug 2021 | Seed | $345M |
Ruiyun Cold Chain Funding History
Ruiyun Cold Chain has raised a total of $145M across 6 funding rounds.
Ruiyun Cold Chain's first fundraising round was a $19M angel round in May 2021. The most recent completed round was a Series B in March 2026.
Ruiyun Cold Chain funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Series B | Wuxi High-tech Zone Xintie Fund (lead); Kaitou Hanrun Capital; Tianjin Bozheng Teda Investment Fund; Zhongjinchuanhua (Ningbo) Industry Equity Investment Fund; Guangdong Shengde Enterprise Investment | - | - | - |
| Nov 2025 | Series A | Guangzhou Industrial Investment Group (lead); Zhongqiao Industrial Holdings | $14M | - | Ruiyun Cold Chain, founded in 2020, operates as a cold chain logistics platform providing end-to-end services supported by digital infrastructure, combining a nationwide offline network with an online freight capacity platform. The company noticed supply-demand imbalances in China's cold chain industry and built an innovative B2B model with 'two-network-one-platform' and 'domestic + international' strategies. As of 2024, it serves over 100,000 terminal stores with 70% year-on-year order volume growth. In November 2025, Ruiyun Cold Chain raised nearly RMB 100 million (approximately $14.1 million) in a Series A+ round led by Guangzhou Industrial Investment Group, with participation from Zhongqiao Industrial Holdings (also referred to as Capital Operation Holding Group). The funding will strengthen digital capabilities, improve operations in Guangzhou and Hainan, and support international business expansion. Investors highlighted the company's unique online-offline competitive advantages, backbone network, and initial success in international business. Ruiyun aims to evolve from a cold chain logistics platform to a fresh food supply chain platform, focusing on the B2B market and integrated supply chain services. |
| Nov 2023 | Series A | China Merchants Venture Capital; Mizuho Capital; Jinding Capital; Baize Capital; Guizhou Zhongken Fund | $69M | - | Ruiyun Cold Chain is a comprehensive cold chain logistics platform in China operating through an integrated 'two-network-one-platform' model. The company's offline infrastructure includes a national less-than-truckload network and cloud warehouse network, while online operations are centered on Lengyunbao, a B2B capacity-matching platform. As of the Series A round in late 2023, Lengyunbao connected over 180,000 shippers, 260,000 drivers, and 260,000 refrigerated trucks. In November 2023, Ruiyun Cold Chain completed a Series A funding round of approximately $68.9 million USD, led by investors including Baize Capital and China Merchants Venture Capital. The company has positioned itself as a leading B2B cold chain service provider in China, with strategic goals centered on digital transformation and international expansion. Following this round, the company later raised an additional Series A+ round of nearly 100 million yuan (approximately $14 million USD) in November 2025, led by Guangzhou Industrial Investment and Hong Kong Zhongqiao, further validating its market position and growth trajectory. |
| Nov 2022 | Seed | China Merchants Venture; MUFG; Mizuho Capital; Qingsong Fund; Eight Roads Ventures; Pan-Lin Capital | $28M | $251M | Ruiyun Cold Chain is a Chinese cold chain logistics platform offering services including cold chain trunk transportation, warehousing, less-than-truckload, urban distribution, fresh food cold chain transport, and food cold chain delivery, with a national network and digital platform called Lengyunbao. It operates a B2B model with offline networks for cold chain LTL and cloud warehouses, and online one-stop capacity services, positioning itself as a leader in user scale and transaction volume in China's cold chain B2B market. The company uses AI, big data for intelligent pricing, dispatching, and risk control, serving over 100,000 terminal stores as of 2024 with 70% YoY order growth. The company focuses on transforming into a fresh food supply chain platform. Later rounds include a Series A in November 2023 raising approximately $68.6M led by Jinding Capital with Guizhou Zhongken Fund and Mizuho Leaguer Investments, and a November 2025 Series A+ of CNY 100M led by Guangzhou Industry Investment Holding. |
| Aug 2021 | Seed | Eight Roads Ventures (lead) | $15M | $345M | Ruiyun Cold Chain is a Chinese cold chain logistics platform specializing in digital, end-to-end services for B2B markets including catering, retail, fresh produce e-commerce, and food industries. It operates a less-than-truckload network with 33 self-owned transfer centers, 118 branch buses, over 100 partner enterprises, and 700 franchisees, covering more than 1,700 districts and counties, with daily handling capacity exceeding 150,000 tons. The Lengyunbao platform connects over 180,000 shippers, 260,000 drivers, and 260,000 refrigerated trucks to optimize matching, transparency, and return vehicle utilization. In August 2021, Ruiyun Cold Chain raised approximately $15-18 million in an angel/seed round led by Eight Roads Ventures, alongside China Merchants Venture, Panlin Capital, and Qingsong Fund. Funds supported IT infrastructure and logistics trading platform development. SignalRank lists a post-money valuation of $344.68 million for this seed round. The company aims to reduce logistics costs by 10-15% through its social cold chain network and envisions expansion into integrated fresh food supply chains domestically and internationally, including Ruiyun Thailand. |
| May 2021 | Angel | China Merchants Venture; Qingsong Fund; Eight Roads Ventures; Pan-Lin Capital | $19M | - | Ruiyun Cold Chain is a Beijing-based cold chain logistics platform founded in May 2020 that provides integrated temperature-controlled supply chain solutions in China. The company operates an offline national cold chain less-than-truckload network and cloud warehouse network (deployed across 23 city warehouses covering 100,000+ stores), and an online B2B platform called Lengyunbao that connects over 180,000 shippers, 260,000 drivers, and 260,000 refrigerated trucks. By 2023, the company had expanded its cold-chain network to serve over 1,600 counties across China, with daily handling capacity exceeding 150,000 tons. The company has developed proprietary systems for order processing, middle-platform operations, data management, and AI-powered solutions for intelligent pricing, dispatching, and risk control. Ruiyun raised a pre-Series A+ round of 200 million yuan ($28 million) from investors including China Merchants Venture, Panlin Capital, Eight Roads, and Qingsong Fund; this round was followed by a Series A of $68.6 million in November 2023 from Jinding Capital, Guizhou Zhongken Fund, and Mizuho Leaguer Investment Fund. The company's CEO announced targets of "hundred million yuan level" revenue and Southeast Asia expansion as strategic priorities for the three-year outlook from 2023 onwards. |
Who has invested in Ruiyun Cold Chain?
17 investors have backed Ruiyun Cold Chain across its funding rounds, including Eight Roads Ventures, Mizuho Capital, Qingsong Fund, Pan-Lin Capital, China Merchants Venture and China Merchants Venture Capital.
Lead investors include Wuxi High-tech Zone Xintie Fund, Guangzhou Industrial Investment Group and Eight Roads Ventures.
Ruiyun Cold Chain Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 3 | Lead | May 2021 | |
| Shenzhen | 2 | Participant | May 2021 | |
 Tokyo | 2 | Participant | Nov 2022 | |
| Shenzhen | 2 | Participant | May 2021 | |
| Shanghai | 2 | Participant | May 2021 | |
| Shenzhen | 1 | Participant | Nov 2023 | |
| Tokyo | 1 | Participant | Nov 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Kaitou Hanrun Capital | -- | 1 | Participant | Mar 2026 |
| Shanghai | 1 | Participant | Nov 2023 | |
| Beijing | 1 | Participant | Nov 2023 | |
 Hong Kong | 1 | Participant | Nov 2025 | |
| Tianjin Bozheng Teda Investment Fund | China | 1 | Participant | Mar 2026 |
| Guizhou Zhongken Fund | China | 1 | Participant | Nov 2023 |
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Start Free TrialRuiyun Cold Chain Competitors
Ruiyun Cold Chain competitors include listed companies like Logory and Duos Technologies, and private ones like Prozo, Transfix, Loadshare Networks and Nuvocargo.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Gurgaon | Private | $21M | - | $177M | 8.4x | |
 New York City, NY | Private | - | - | $376M | - | |
| Bangalore | Private | $39M | - | $162M | 4.2x | |
| China | Publicly listed | $676M | $11M | $53M | - | |
| New York City, NY | Private | - | - | $250M | - | |
| United States | Publicly listed | $27M | ($7M) | $268M | 3.4x |
Ruiyun Cold Chain Public Comps
Ruiyun Cold Chain is still privately-owned, but its public comps include Accel, Waberer's Group, Transport Trade Services, Duos Technologies, Dimerco Data System, bpost, Maritima de Inversiones, Luka Rijeka, K&S Corp and Merlin.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $887M | $125M | 0.8x | - | 5.4x | - | |||
| $940M | $120M | 0.4x | - | 3.3x | - | |||
| $142M | $20M | 2.2x | 2.0x | 16.2x | 10.9x | |||
| $27M | ($7M) | 5.8x | 3.4x | (21.7x) | 25.8x | |||
| $107M | $25M | 1.8x | - | 7.7x | - | |||
| $5.1B | $570M | 0.4x | 0.5x | 4.0x | 3.7x | |||
| $4M | - | 0.0x | - | - | - | |||
| $30M | $17M | 7.5x | - | 13.5x | - | |||
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Common questions about Ruiyun Cold Chain
| When was Ruiyun Cold Chain founded? | Ruiyun Cold Chain was founded in 2020. |
| Where is Ruiyun Cold Chain headquartered? | Ruiyun Cold Chain is headquartered in Beijing, China. |
| Is Ruiyun Cold Chain publicly listed? | No, Ruiyun Cold Chain is a private, VC-backed company. |
| What is Ruiyun Cold Chain's valuation? | Ruiyun Cold Chain was last valued at $251M in its seed round in November 2022. |
| How much funding has Ruiyun Cold Chain raised? | Ruiyun Cold Chain has raised $145M across 6 funding rounds. |
| What was Ruiyun Cold Chain's last funding round? | Ruiyun Cold Chain's last funding round was a Series B in March 2026, led by Wuxi High-tech Zone Xintie Fund. |
| Who are Ruiyun Cold Chain's investors? | Ruiyun Cold Chain's investors include Eight Roads Ventures, China Merchants Venture, Mizuho Capital, Qingsong Fund, Pan-Lin Capital, China Merchants Venture Capital, MUFG, Kaitou Hanrun Capital, Jinding Capital, Baize Capital and 7 others. |
| Which companies are comparable to Ruiyun Cold Chain? | Companies comparable to Ruiyun Cold Chain include Prozo, Transfix, Loadshare Networks, Logory, Nuvocargo and Duos Technologies. |
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