Hong Kong-based logistics start-up GoGoVan raises US$10 million in Series B funding
Hong Kong-based logistics start-up GoGoVan has raised at least US$10 million in a Series B funding round, the company said on Thursday.
Hu Zemin, former chief executive of Android app store 91 Wireless, and social media firm RenRen were among investors in the company’s latest round of funding which will be used to expand its international reach.
Founded in 2013, GoGoVan’s app connects users with more than 70,000 registered vehicles across Hong Kong, Singapore, South Korea, China and Taiwan, with plans to launch in Australia in the near future.
“With this funding, GoGoVan plans to further enhance and broaden its platform offerings and to expand its global presence,” the company said in a statement.
GoGoVan users can book vans to help transport goods and items while they're moving house, or shuttle pets across the city, or deliver letters or packages. Businesses also take advantage of the platform to deliver their wares and transport sensitive documents.
The company said it has processed more than US$100 million in aggregate transaction value since its launch in 2013.
In November, RenRen took a 10 per cent stake in the company providing US$10 million in funding for its expansion across Asia.
The RenRen investment followed on from US$6.5 million in a Series A funding round in August 2014 led by Centurion Investment Management.