Hong Kong logistics unicorn GoGoVan has raised $250mn in funding. This makes up the first phase in a funding round of the last-mile delivery startup which is set to be the largest funding round for a company of its kind in Asia.
According to Tech in Asia, the round involved Beijing-based private equity firm InnoVision Capital as well as Russia-China Investment Fund, Qianhai Fund of Funds and 58 Daojia.
58 Daoijia is the parent of Chinese freight startup 58 Suyun, which merged with GoGoVan in August, bringing the company up to $1bn in value.
The funding was led by Alibaba’s logistics arm Cainiao Network, which has also recently announced it will lead a joint venture investment of $1.54bn into a new logistics hub for Hong Kong.
The capital is to be used for expansion into new markets and the development of service offerings.
GoGoVan offers professional delivery services 24/7 and operates across 13 cities in Hong Kong, Singapore, China, Taiwan, South Korea and India. Since being founded in 2013, the company has over 1.3mn app downloads and a driver network of 150,000.