EasyVan raises US$10m to fund China, Southeast Asia expansion

Hong Kong on-demand van rental start-up Lalamove, known as EasyVan, has raised US$10 million in funding to aid its expansion in China and Southeast Asia.

The latest round led by its existing investor Mindworks Ventures brings the total amount of funding raised by the company in the past 18 months to US$30 million as the company’s founder says Lalamove aims to expand to 49 cities and become profitable this year.

Existing investors, including Chinese venture capital fund Crystal Stream, Taiwan’s AppWorks and Hong Kong family office Aria Group, were joined by Thai securities investment service firm Asia Plus Group.

“There is so much potential in making delivery more efficient as mobile internet is changing the way mobile assets are utilised,” said Lalamove founder and chief executive officer Shing Chow. “This funding will be used to accelerate our leadership position and expansion efforts throughout China and other SEA countries.”

Founded in 2013, Lalamove now claims to have the largest footprint in Asia with operations in Hong Kong, Bangkok, Singapore, Taipei and 15 mainland Chinese cities.