HK: On-demand app Lalamove raises $10m in third round led by MindWorks

Image from Lalamove

Hong Kong based on-demand delivery app Lalamove has secured $10 million in its third round of funding led by MindWorks Ventures.

The round saw participation from existing investors China’s Crystal Stream Capital, Taiwan’s AppWorks and Hong Kong’s Aria Group as well as Asia Plus Group Holdings, a new investor from Thailand.

With the latest round, Lalamove’s total external funding has touched $30 million, an amount it raised in the last 18 months.

Following Lalamove’ s recent partnership with LINE to launch LINE Man app, the funding success reveals the speed at which Lalamove is growing, CEO Shing Chow said.

“We began as a small start-up in Hong Kong working out of my apartment and have grown to 21 cities across Asia in the last two years. When we began, we targeted lots of small businesses, but since then we have developed enterprise solutions to allow companies like Google, IKEA, and now LINE to make their delivery much faster and simpler”, Chow said.

“There is so much potential in making delivery more efficient as mobile internet is changing the way mobile assets are utilized. It is our goal to be profitable this year, and it’s quite rare that you see a startup growing at our speed achieving that in less than three years. We are on track to deliver that,” he added.

Currently, it operates in Hong Kong, Singapore, Bangkok, Taipei and 11 cities in mainland China. The funding will be used for its expansion throughout China and the Southeast Asia where the next destinations include Hanoi, Manila, Ho Chi Minh, Kuala Lumpur and Jakarta.

Recently, Alibaba’s Hong Kong Entrepreneur Fund also injected the fund into Lalamove’s competitor GoGoVan for undisclosed amount.

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LalaMove raises $10m in latest series A round

Hong Kong: Alibaba fund makes first investments in 3 startups including delivery service app GoGoVan