GOGOVAN raises US$250m in funding

GOGOVAN, a logistics platform on mobile app in Asia, has raised US$250 million in the first phase of its new round of funding.

GOGOVAN, established in 2013, merged last August with the largest intra-city logistics platform in China, 58 Suyun.  The Group operates in over 300 cities, serves more than 8 millions users, and is supported by 2,000 employees worldwide.

According to a press statement, the merger has created synergies on fleet utilisation, geographical coverage, and has formed a solid foundation for high growth.  The Group has become the leader in short-haul logistics platform in Asia and will continue to expand worldwide. This round was led by InnoVision Capital, along with other investors including Alibaba’s logistics arm Cainiao, Russia-China Investment Fund, Hongrun Capital, Qianhai Fund of Funds, and 58 Daojia Group.

Since its establishment, GOGOVAN has received funding from investors globally, including Centurion Private Equity, Renren Inc., MFund, New Horizon Capital, Alibaba Entrepreneurs Fund, Singapore Press Holdings, and Hotung Investment Holdings.

“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.  We will be using the new funds to expand our service offerings and grow new markets. In the next few months, we will offer door-to-door service to fulfill the demand of small-item segment.  We strive to provide simplify logistics and delivery services,” said Steven Lam, CEO and co-founder of GOGOVAN.