China delivery start-up Shansong gets $50m Series C
Shansong, a Chinese start-up that provides intercity courier services, has raised a $50 million Series C round of funding led by SIG Asia Investment and Yi Capital.
Prometheus Capital, a PE fund set up by Wang Sicong, the son of Wanda Group chairman Wang Jianlin, also participated.
Founded in 2014, Shansong provides regional and same-city delivery services to Chinese merchants and individuals. Clients can place their orders through WeChat and the company's mobile app, and third-party couriers then bid for the jobs. Shansong manages a network of couriers based on a customer service rating system and guarantees delivery within one hour to destinations no more than five kilometers from the warehouse.
Its services now cover 31 Chinese cities, handling about 100,000 deliveries every day. The platform collects a commission on each transaction. The company managed to break even in April last year.
AVCJ Research’s records show Shansong raised an undisclosed Series A round from Matrix Partners China and CDH Investments in 2014. Later it received a $50 million Series B round from JD Capital, Lighthouse Capital and Tiantu Capital. The company plans to use its latest funding to expand into more Chinese cities, develop new technology and improve its services.
Several Chinese logistics start-ups addressing last-mile delivery have raise funding from PE and VC investors. These include Yunniao Distribution, a platform for sourcing intercity courier services in China, and Linqu, which operates at a similar model as Shansong.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.