GoGoVan raises $250m in fresh funding from Alibaba-backed Cainiao, others

Hong Kong-headquartered last-mile delivery startup GoGoVan on Friday announced that it has raised $250 million in the first phase of an ongoing funding round led by venture capital firm InnoVision Capital.

The round was joined by Alibaba-backed logistics startup Cainiao, Russia-China Investment Fund, Hongrun Capital, Qianhai Fund of Funds and 58 Daojia Group.

GoGoVan is often called the ‘Uber for delivery’ as it works like the ride-hailing firm in many ways, connecting users looking to move stuff with drivers in the area via an app.

GoGoVan said it will use the latest capital infusion to expand its service offerings and enter new markets. It also plans to introduce a new “door-to-door service” for small item delivery in the next few months, it added in a LinkedIn post.

Last year, GoGoVan and Chinese peer 58 Suyun merged to create a $1-billion logistics heavyweight, thus creating Hong Kong’s first unicorn. Following the merger, the combined entity is known as 58 Suyun in China and GoGoVan outside the country. 58 Suyun is the freight business unit of 58 Home, which claims to be China’s largest online marketplace serving local merchants and consumers and holds the majority stake in the combined entity.

The merger was said to create Asia’s only online platform to provide end-to-end on-demand logistics and freight services to both corporate and individual customers. The combined entity today has a wide geographical presence spanning mainland ChinaHong KongTaiwanSingaporeSouth Korea and India.

The latest investment in GoGoVan marks Cainiao’s second investment in a delivery startup in a week. It recently invested $290 million in local logistics services firm Dianwoda. Earlier, in May, Cainiao and parent Alibaba had participated in a $1.38-billion funding round for delivery company ZTO Express.

In October last year, Hong Kong-based Lalamove, a peer of GoGoVan, had raised $100 million in funding from investors including ShunWei Capital, Xiang He Capital and MindWorks Ventures. That round was said to value Lalamove at nearly $1 billion.

Another peer, Singapore-based logistics startup Ninja Van, raised $85-87 million in its Series C round earlier this year.

Also Read:

Alibaba-backed logistics firm Cainiao invests $290m in Dianwoda

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.