Hong Kong logistics platform GOGOX nets $100m co-led by BOCOM and CMF

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. 

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.