Hong Kong-based logistics platform GOGOX has raked in nearly $100 million in a fresh funding round.
The latest capital injection was co-led by BOCOM International, a unit of the Hong Kong-listed Bank of Communications, and Cyberport Macro Fund (CMF), a Hong Kong venture capital firm.
GOGOX will deploy the proceeds for product innovation, improving user experience, and intra-city logistics.
In March this year, Bloomberg had reported that GOGOX was considering an initial public offering (IPO) in Hong Kong looking to raise $400-500 million.
GOGOX, which was established after the merger of logistics services providers 58 Suyun and GOGOVAN in 2017, is an on-demand delivery services platform with customers across Asia, especially in intra-city logistics.
While it has a strong foothold in Hong Kong, it has also built a strong presence in more than 300 cities in the region including Singapore, India, Vietnam, Korea, and mainland China. With over 40,000 registered drivers, it can meet diverse demands like transporting goods, bulky items, shuttling pets, house moving, warehouse storage, and withdrawal, among others.
“During the COVID-19 pandemic, we capitalised on the booming development of e-commerce and achieved phenomenal growth. This new funding will entrench our intra-city logistics footprint, assist efforts to innovate products and services, equip ourselves to thrive under the new normal, and build a better and stronger GOGOX,” said the company’s co-founder and CEO Steven Lam in a statement.
GOGOX had secured $250 million in the first phase of its Series D round funding led by Beijing-based InnoVision Capital in 2018. That round was joined by Alibaba-backed logistics startup Cainiao, Qianhai Funds of Funds, 58 Daojia Group, and Russia-China Investment Fund.