GoGoVan raises $250mn led by Cainiao

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.

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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.