China’s Xianghe Capital leads $30m Series B for Lalamove

New investor Blackhole Capital also participated, alongside existing backers MindWorks Ventures and Crystal Stream. It brings the start-up's total funding to $60 million to date.

The service, previously known as EasyVan, was set up in 2013 by Shing Chow under the Hong Kong Science & Technology Park's incubation program. Its app connects van, motorcycle, lorry and truck drivers with customers who need to move goods from one place to another. The company has more than 500,000 delivery drivers and five million registered customers on its platform.

Lalamove, which currently operates in 45 cities across China and Southeast Asia, brands itself as Huolala in mainland China. Last year, the company inked a deal with mobile instant communication app Line to develop a new app, known as Line Man, which allows users to purchase and receive documents, packages, food and grocery items in Thailand.

"Lalamove is a textbook example of how the internet helped to improve a traditional industry," Hesong Tang, founder of Xianghe Capital, and previously head of Baidu's M&A team, said in a release. "We appreciate the vision and determination of Mr Shing and his team, and believe this rapidly expanding company will become a hugely influential enterprise."

Lalamove raised a $10 million Series A round in January 2015 led by Crystal Stream, followed by a $10 million bridge round from MindWorks, AppWorks and Crystal Stream. In May last year, MindWorks led a $10 million round for the company. With the new investment, Lalamove plans to expand into 60 more cities in Asia by the end of this year.

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• Topics
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