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.