GoGoVan, Hong Kong’s first billion-dollar “unicorn” start-up, said it has raised US$250 million in the first phase of its new round of funding, led by InnoVision Capital.
Other investors include Alibaba’s logistics arm Cainiao, Russia-China Investment Fund, Hongrun Capital, Qianhai Fund of Funds, and 58 Daojia Group.
Since its establishment in 2013, GoGoVan has received funding from investors globally, including Centurion Private Equity, Renren, MFund, New Horizon Capital, Alibaba Entrepreneurs Fund, Singapore Press Holdings, and Hotung Investment Holdings, the company said in a statement on Friday.
The fundraising follows GoGoVan’s merger last August with 58 Suyun, the largest intra-city logistics platform in China.
“Since the merger, our business has been advancing rapidly. With the number of powerful investors on board in this round of funding, it shows that the market approves of our strategy,” said Steven Lam Hoi-yuen, chief executive officer and co-founder of GoGoVan. “We strive to simplify logistics and delivery services.”
Reuters cited Lam last year saying he was considering to raise up to US$200 million selling shares to strategic investors to help fund expansion.