AVCJ

Hong Kong's Lalamove raises $100m Series C

  • LinkedIn  
  • Google plus  
  • Save this article  

Hong Kong-based delivery start-up Lalamove - also known as Huolala in mainland China - has completed a $100 million Series C round of funding led by Chinese VC firm Shunwei Capital.

Xianghe Capital, MindWorks Ventures, and other existing investors also took part. Lalamove’s latest round comes after GoGoVan – the company's main competitor in Hong Kong – merged with 58 Suyun in mainland China.

Lalamove, founded in 2013, operates a platform that connects drivers of vans and trucks with customers who need to transport goods. Over the past three years, the company has expanded into Southeast Asia and is now profitable in Thailand. Its services also cover more than 40 Chinese cities, including Shenzhen, Guangzhou, Shanghai, and Chongqing. At present, Lalamove has about two million drivers and over 1.5 million users on its platform.

The company has raised more than $1.6 billion in venture funding since inception. A Series A round led by Crystal Stream in 2015 was followed by a $10 million bridge round from investors including MindWorks and AppWorks. MindWorks then led a $10 million round last year, while Xinaghe Capital led a $30 million Series B earlier this year.

Following the new funding, Lalamove plans to develop its B2B operation, providing logistics solutions to corporate clients, a statement said.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

world-hands-globe-climate-esg
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...

  • GPs