China’s delivery service provider FlashEx nets $125m from Shunwei, SIG, others

FlashEx, a provider of short-distance and same-city logistics services, said on Tuesday that it has raked in $125 million in a Series D2 round funding. 

Xiaomi’s Shunwei Capital, SIG China, N5 Capital, the consumption-focused Tiantu Capital, and tech-innovation driven Oceanpine Capital joined hands to make a follow-on investment. 

New investors who invested include New York-based family office Alpha Square Group, Singapore’s Axiom Asia Private Capital, Chinese PE firm Qianshan Capital, and state-owned CF Capital. Investment bank Lighthouse Capital served as the exclusive financial advisor for the deal, the investee said in a WeChat post.

Following the deal, US-based SIG’s China arm SIG China has become the largest investor in FlashEx. SIG China had initially participated in a $50 million Series C round funding in FlashEx in 2017, followed by a $60 million Series D+ round in 2018.

FlashEx, literally “Shansong Express” in Chinese, is a service-to-customer (S2C) platform that attempts to offer intra-city express services to customers within an hour of ordering. Through over 4 million registered drivers, the platform meets the delivery needs of over 1,600 daily supplies including flowers, gifts, cakes, documents, certificates, medicines, and food.

“Based on algorithms and big data, FlashEx supports the traditional express industry achieving digital innovations. Thus, it highly improves the efficiency of supply chain that connects customers, daily supplies, and logistics,” said SIG China managing director Tim Gong in the statement. 

FlashEx has also been backed by American publishing house Hearst Corporation, Matrix Partners China, alternative asset manager CDH Investments, Prometheus Capital, and YI Capital, among others.

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.

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.