Hong Kong-headquartered on-demand logistics platform GoGoVan has announced that it has raised $250 million in its latest funding round, led by US-based venture capital firm InnoVision Capital.
In a statement on its website, GoGoVan said the funding round was also participated by Alibaba’s logistics arm Cainiao, Russia-China Investment Fund, Hongrun Capital, Qianhai Fund of Funds, and 58 Daojia Group.
“We’re proud to announce that GoGoVan has raised $250 million in the first phase of its new round of funding. We will use the new funds to expand our service offering and grow new markets. Also, in the next few months, we will offer a new service type, door-to-door service, to fulfill the demand of small-item segment,” the logistics startup said on its Facebook page.
Established in 2013, GoGoVan is the first app-based platform for transporting goods in Asia. The app GoGoVan was created to connect drivers and customers, and we aim to redefine the everyday logistics experience by providing a convenient and efficient service.
Since its successful July 2013 launch in Hong Kong, GoGoVan has expanded to Singapore, South Korea, China, and Taiwan. The GoGoVan network currently comprises of over 20,000 commercial vehicles and 70,000 registered drivers.
In 2017, GoGoVan and Chinese peer 58 Suyun merged to create a $1-billion logistics heavyweight, thus creating Hong Kong’s first unicorn. Following the merger, the combined entity is known as 58 Suyun in China and GoGoVan outside the country.
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58 Suyun is the freight business unit of 58 Home, which claims to be China’s largest online marketplace serving local merchants and consumers and holds the majority stake in the combined entity.
The merger was said to create Asia’s only online platform to provide end-to-end on-demand logistics and freight services to both corporate and individual customers.
