China delivery app Beequick raises $70m
Beequick, a Chinese online food and drink delivery app, has completed a Series C round worth $70 million from Hillhouse Capital, Eastern Bell Venture Capital, Tiantu Capital and Sequoia Capital.
Beijing-based Beequick was founded in May last year. It focuses on the last-mile delivery services, shipping snacks, beverages, liquor and fruit which are supplied by convenience stores. The company gurantees to make deliveries within an hour of orders being placed. The start-up has expanded into more than 10 Chinese cities and fulfils over 100,000 orders each day.
Beequick secured a RMB10 million ($1.6 million) angel round when it launched its service. In October last year, it received a $20 million series A round led by Sequoia. This was followed in March by a $20 million Series B round led by Hillhouse.
The new funding will be used to scale up the business and devote more resources to logistics, the company told local media.
As e-commerce continues to grow in China, demand for last-mile delivery services that get the goods to the consumer on time and in good shape has yet to be fully addressed. While leading online food-ordering platforms, such as Ele.me and Baidu's Waimai, make deliveries during lunch hours, the speed of the service is relatively slow.
Similar to Beequick, Shanghai-based mobile app Linqu is addressing the demand for last-mile services. Last month, it completed a Series B round of funding led by Qiming Venture Partners, alongside IDG Capital Partners.
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.