China’s logistics provider Shansong Express raises $60m in Series D1 round

A man offering his services as a road guide stands outside of a logistics park in Chengdu, China, on Tuesday, April 11, 2017. Photographer: Qilai Shen/Bloomberg

Venture capital firms N5 Capital, V Star Capital and Shihaisong Capital have led a $60 million series D1 round in Shansong Express, a Beijing-based startup providing short-distance and same-city logistics services, the China Money Network reported.

Shunwei Capital, SIG, BHG Long Hills Capital, Lighthouse Venture Capital, and Hearst Ventures also participated in the round.

Founded in 2014, Shansong Express has over 100 million users and operates in 200 cities in China. It focuses on short-distance, inner-city deliveries and guarantees a one-hour or less delivery time for distances within 5 km.

In June last year, Shansong Express raised $50 million Series C+ round led by Shunwei Capital and Beijing Hualian Group. Earlier, it raised a $50 million series C round from SIG Asia Investment and YI Capital.

The Beijing-based inner-city logistics startup secured an undisclosed series A round funding from CDH Investments, series B round led by JD Capital, and series B+ round from Tiantu Capital.

China’s same-city delivery was the fastest growing sector among various logistics businesses. It is expected the market will reach over RMB200 billion ($29 billion) in 2020, according to the report. 

China’s second-biggest e-commerce firm JD.com In January was said to kick off a fundraising round at its logistics unit with a target of at least $2 billion, with plans to eventually list the business overseas.

JD.com invited a select group of investors to join the funding round that values its logistics business, JD Logistics, at around $10 billion, according to a Reuters report.

The move comes as China’s major e-commerce companies are looking to bulk up their logistics businesses to support their global expansion ambitions and boost revenues by offering services to third-party entities.

Also Read: 

China: Shunwei, Hualian invest in Shansong; CASH Capital backs SpeedyCloud

SIG Asia, YI Capital lead $50m round in China’s Shansong Express 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.