(Yicai Global) Dec. 29 -- ZTO Freight, the less-than-truck-load logistics company owned by courier giant ZTO Express, has raised more than USD300 million in its most recent funding round.

The proceeds from Series B will go towards research and development, new infrastructure and team building, the Shanghai-based firm said today. The company previously secured more than USD100 million in its Series-A and Series-A+ financing in June 2018 and May 2020.

ZTO Freight, which specializes in one-stop, small-load logistics services for businesses and individuals, delivered over 45,000 tons of packages each day last year. It has 3,200 trucks, 72 sorting hubs and 13,000 delivery and pick-ups outlets.

China is the largest less-than-truck-load market in the world, which refers to small quantities of freight that do not amount to a full truck load, according to iResearch Consulting Group. The market is worth more than twice that of ordinary courier services at CNY1.5 trillion (USD235 billion).  And there is still a lot of room for growth.

Editor: Kim Taylor