Alternative asset management firm CDH Investments has led a $360 million (RMB2.5 billion) series A funding round in Hive Box, which operates a network of self-service package drop-off and pick-up stations across China, as per a China Money Network report.
Besides existing investors, other investors who took part in the latest funding round include China Development Bank Capital, Eastern Bell Venture Capital, and Yiyao Capital.
The funds raised will be used by Hive Box to expand operations across China, improve information and data integration platforms, and to overall work towards enhancing user satisfaction.
Shenzhen Hive Box Technology Co., Ltd was formed in June 2015 through a joint investment by Chinese courier companies SF Express Co. Ltd, STO Express, ZTO Express and Yunda Express, as well as Global Logistic Properties (GLP), with an aim to provide the best express delivery experience by developing a 24-hour self-service open platform for express delivery companies and e-commerce logistics.
Hive Box currently operates 40,000 smart package self-service units with three million package boxes in 74 cities in China, improving convenience and efficiency in the last-mile delivery process, the report added.
Over 400,000 courier delivery personnel from various delivery and e-commerce companies use Hive Box’s facilities, which are mostly conveniently located in apartment building lobbies and transportation hubs.
Established in 2002, CDH Investments claims to have over US$15 billion in assets under management. The Hong Kong-headquartered firm has invested in more than 150 companies so far including China’s WH Group, Belle International, Mengniu Dairy, Qihoo 360, and Luye Pharma.