China's Shansong Express raises $60m
Shansong, a Chinese start-up that provides intercity courier services, has raised $60 million in the first tranche of a Series D round. It comes 15 months after the company closed its Series C at $100 million.
Oceanpine Capital, N5 Capital, and V Star Capital led the round, with participation from SIG Asia, Shunwei Capital, BHG Long Hills Capital, SR Capital, Hearst Ventures China, and Lighthouse Venture Capital, according to a statement.
Founded in 2014, Shansong provides regional and same-city delivery services to Chinese merchants and individuals. Clients place their orders through WeChat and the Shansong app, and independent couriers bid for the jobs, with the company taking a commission on each transaction. Couriers are ranked based on their customer service ratings. The company can also buy goods to order for users.
Shansong guarantees delivery within one hour to destinations no more than five kilometers from one of its warehouses. It claims to cover more than 200 cities and works with around 490,000 trained and certified couriers and have served over 100 million customers.
A separate statement released by N5 Capital said the company turned profitable in 2016 and maintains annual revenue growth of 300%.
Matrix Partners China and CDH Investments provided an undisclosed Series A round for Shansong in 2014. Later the company received a $50 million Series B from JD Capital, Lighthouse, and Tiantu Capital. SIG and Yi Capital led the first portion of the Series C, with support from Prometheus Capital. An extension was provided by Shunwei, Beijing Hualian Group, and Hearst.
Other PE and VC investments in this space include Yunniao Distribution and Linqu.
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