Hong Kong's GoGovan gets $10m Series B round

Launched in July 2013, GoGoVan offers on-demand delivery services via an app connects delivery drivers with customers. It set its fees - which are paid in cash to the driver - depending on the delivery route.

The start-up does not charge the drivers or users for its service but instead partners with major Hong Kong fuel suppliers to buy fuel at a bulk discount. This is sold to drivers with the company keeping a cut of each sale.

GoGoVan currently claims to provide users access to over 70,000 registered commercial vehicles across Hong Kong, Singapore, South Korea, China and Taiwan. It also has plans to launch in Australia. The start-up has both individual and corporate customers including Kerry Logistics, SF Express and DHL. GoGoVan claims to have transacted over $100 million since 2013.

The round comes about a year after Centurion Private Equity led a $6.5 million Series A round for the firm. This is the second time RenRen has invested in the start-up, having paid $10 million for a 10% stake in November. GoGoVan will use the latest round of funding to accelerate its growth and broaden its platform offerings.

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• Topics
• Technology
• Greater China
• Early-stage
• Technology
• Hong Kong (China)
• Logistics
• Venture
• China