Huolala Global Investment Limited, which has invested in the “EasyVan”, “lalamove” and “Huolala” brands, announced last week the securing of a series A investment of US$10 million.
The latest round was led by China-based Crystal Stream Capital. Other participating firms were Geek Founders, Mindworks Ventures , Sirius Venture Capital, Aria Group and individual investors.
Founded in December 2013, lalamove aims to disrupt the mobile logistics industry by connecting a large user base to drivers on its smartphone-based platform, much like transport apps GrabTaxi and Uber, allowing users to enlist the nearest drivers to move their goods.
Formerly branded as EasyVan in Hong Kong and Singapore, and with a presence across six cities in China and Southeast Asia, lalamove was downloaded more than 250,000 times in 2014.
With operations in high-profile markets like Hong Kong, Singapore, Bangkok, Guangzhou, Shenzhen and Taipei, this latest round of funding will help lalamove establish itself as a market leader in its current, as well as fuelling expansion across the region.
Shing Chow, lalamove CEO & founder said, “We are thrilled that within 12 short months we have built a company that has experienced a tremendous amount of growth and could not be more excited to have the support of our investors to help us scale across the region. With the launch of Guangzhou and Shenzhen last week and the release of our WeChat app, we will look to push the boundaries of how logistics work by using technology to make them more customer and driver friendly”.
This latest round of funding will enable talent acquisition and scaling, by allowing lalamove to acquire talented developers and city founders to scaleo
Eugene Wong, Founder and Managing Director, Sirius Venture Capital commented, “I am excited with this investment and impressed with the Founder Shing and his committed team to scale Lalamove. In Singapore, their service via EasyVan has already teamed up with our portfolio company, Neo Group to provide the logistics solutions for a better supply chain business model.”