Centurion PE leads $6.5m round for Hong Kong's GoGoVan
Centurion Private Equity has led a $6.5 million Series A round investment in Hong Kong-based GoGoVan, a mobile app for on-demand delivery services.
Launched in 2013, the app connects delivery drivers with customers and sets 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.
Last month GoGoVan launched GoGoFuel, a special card that offers drivers discounted gas at selected fuel stations.
The company currently has access to 18,000 registered commercial vehicles and claims to have processed more than one million transactions to date with a total value of HK$120 million ($15.5 million). Its corporate clients include Kerry Logistics, SF Express and DHL.
GoGoVan entered Singapore this year and plans to use the new funding to add more features and expand even further into Asia. The business only has one other competitor in this space in Hong Kong: EasyVan, which currently claims to have 8,000 vehicles in its network. The company is yet to raise any VC funding.
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