New Horizon leads new round for Hong Kong's GoGoVan
Hong Kong app-enabled logistics start-up GoGoVan has completed a Series C round led by New Horizon Capital. Financial terms were not disclosed.
Taiwan-based VC firm Hotung Investment Holdings, Singapore Press Holdings (SPH) and Alibaba Group's Hong Kong entrepreneurs fund also participated, the company told local media.
Launched in July 2013, GoGoVan offers on-demand delivery services via an app that connects delivery drivers with customers. Relying on GPS technology, the app notifies all registered drivers within five kilometers of a customer's pick-up point, and the first to respond gets the job.
The platform has accumulated two million downloads since its inception, connecting over 20,000 commercial vehicles in 13 Asian cities across mainland China, Hong Kong, Singapore, South Korea, India and Taiwan. It has processed over 20 million orders to date with an aggregate transaction value of $200 million.
GoGoVan raised a $6.5 million Series A round led by Singapore-based Centurion Private Equity in 2014. This was followed by a $10 million Series B in 2015, which featured Hu Zemin, the former CEO of Android app store 91 Wireless, and Chinese social media firm RenRen.
The company will use the new funding to further develop enterprise-centric products and improve its engineering capabilities to service diversified business logistics needs. It will soon launch a new product, called GoGoEnterprise, which allows logistics companies to manage their vehicles and delivery services.
GoGoVan, together with Yeechoo, an online fashion rental and sharing site, and Shopline, an e-commerce platform for merchants, were chosen from over 200 start-ups to become the first batch of recipients of Alibaba's Hong Kong entrepreneur fund, which is worth HK$1 billion ($129 million).
The fund, which is managed by Gobi Partners, invest in young people who start businesses by leveraging resources within Alibaba's e-commerce ecosystem, including the Tmall and Taobao platforms, logistics, mobile platforms, cloud computing and financial services. The fund is non-profit, which mean any profits generated from exits will be re-invested in start-ups.
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