Warburg Pincus-backed Chinese robotics unicorn Geek+ nets $200m

Geek+, a Warburg Pincus-backed Chinese unicorn that uses AI and robotics to build smart logistics solutions, has closed over $200 million in a Series C round of financing.

The Series C round consists of two tranches of capital injections. The company recently completed a Series C2 round led by Beijing-based private equity firm V Fund. Temasek-backed Vertex Growth Fund and China-focused growth-stage investment firm Redview Capital participated in the deal.

The first tranche of the Series C round was completed in June 2019, led by global venture capital firm GGV Capital and Dan Sundheim’s D1 Capital Partners, and backed by Warburg Pincus.

The company, in which Warburg Pincus first invested in 2017, entered the unicorn club in November 2018, according to CB Insights’s unicorn list.

Founded in 2015, Geek+ is a technology company that integrates robotics, AI, big data, cloud computing, and Internet of Things (IoT) to provide smart robotics solutions and services to enable the automated operations of warehouses and factories.

It offers AI-based products and solutions for “cargo-to-man” picking, intelligent moving & sorting, as well as automated forklifts to help customers achieve highly-automated or unmanned warehousing, logistics, and manufacturing operations.

The company now delivers products to nearly 300 brands across over 20 countries and regions, including Nike, Walmart, Japan’s Toyota, French sporting goods retailer Decathlon Group, and American-founded German courier DHL. Its clients are largely from the fields of apparel, e-commerce, retail, third-party logistics, pharmaceutical, manufacturing, and automotive.

Geek+ completed a $150-million Series B round led by Warburg Pincus in November 2018. Existing investors including Chinese venture capital firm Volcanics Venture and Vertex Ventures re-upped in the round. It also raised a $60-million Series Pre-B round in July 2017.

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.