Hong Kong last-mile delivery player Gogox raises $100m
Gogox, a Hong Kong-headquartered last-mile logistics company formerly known as GoGoVan, has raised $100 million in funding led by the international arm of China Bank of Communications and Cyberport Macro Fund.
The company’s last funding round – worth $250 million – was in 2018. InnoVision Capital took the lead, with additional commitments coming from the likes of China Investment Fund, Qianhai FoF, Hongrun Capital, Alibaba Group’s logistics business Cainiao, and online-to-offline home services provider Daojia.
Daojia, which is majority-owned by local classifieds platform 58.com, merged its freight unit with Gogox in 2017. That deal valued Gogox at more than $1 billion.
The company was founded in 2013 by Steven Lam after a previous start-up idea – branded takeaway food boxes – faltered due to difficulties arranging transportation. Seeing an opportunity in the logistics dysfunction, Lam and his team hit on the idea of an app that could connect van drivers directly to business customers without relying on a call center.
The basic thesis is unchanged, but Gogox has broadened its suite of services to cover van-hailing, instant delivery, and customized logistics solutions. The company has also expanded geographically, with a presence in Hong Kong, Singapore, Taiwan, mainland China, South Korea, India, and Vietnam. It boasts a network of eight million registered vehicles across 300 cities.
The new capital will go towards deepening the business in different geographies, product and service innovations, and improvements in user experience.
“During the COVID-19 pandemic, we have capitalized on the booming development of e-commerce and achieved phenomenal growth. This new funding will entrench our intra-city logistics footprint, assist our efforts to innovate our products and services, equip ourselves to thrive under the new normal, and build a better and stronger Gogox,” Lam said in a statement.
The company received seed funding from Hong Kong incubator Cyberport’s Creative Micro Fund and then secured Series A funding led by Centurion Private Equity. A Series B – featuring Renren and MFund – came in 2015. New Horizon Capital led a Series C a year later, with Hotung Investment Holdings, Singapore Press Holdings, and Alibaba's Hong Kong Entrepreneurs Fund also taking part.
Gogox’s major Hong Kong-founded rival is Lalamove, which has embarked on a similar international expansion drive, claiming a presence in 24 markets. It closed a $515 million Series E round last December. Lalamove is said to have made a confidential IPO filing in the US in June, but it was reported this week that Hong Kong is now a potential destination.
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