China O2O delivery start-up raises $13m
Matrix Partners and Lightspeed China Partners have committed $13 million in extended Series A round of funding to 123Feng.com, a Chinese start-up provides delivery services for e-commerce and food-ordering platforms.
Founded in 2014, 123Feng claims to have built a courier team of over 10,000 people - with self-owned trucks and vans - that offers point-to-point last-mile delivery services for online merchants. Custmers include e-commerce stores set up on Alibaba Group's TMall and Taobao platforms. Its services now cover over 10 Chinese cities, including Beijing, Shanghai and Hangzhou.
The company raised seed funding in June last year and a Series A round from Lightspeed and Matrix in January of this year. The new capital will be used to expand the scope of delivery services in main Chinese cities, the company told 36kr.
Last-mile delivery has become a popular target for VC investors. Last month, Beequick, a Chinese online food and drink delivery app, completed a Series C round worth $70 million from Hillhouse Capital, Eastern Bell Venture Capital, Tiantu Capital and Sequoia Capital. The start-up ships snacks, beverages, liquor and fruit supplied by convenience stores.
Similar to Beequick, Shanghai-based mobile app Linqu recently completed a Series B round led by Qiming Venture Partners, alongside IDG Capital Partners.
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