GoGoVan secures $250m in new funding round

Hong Kong-based GoGoVan has raised US$250 million in the first phase of its new round of funding.

According to a report published by the South China Morning Post, the funding round was  led by InnoVision Capital with participation from Alibaba’s logistics arm Cainiao and other investors. The South China Morning Post is owned by Alibaba.

Established in 2013, GoGoVan is now reported to be Hong Kong’s first “unicorn” start-up (by virtue of achieving a $1bn market evaluation). GoGoVan merged last August with 58 Suyun, the largest intra-city logistics platform in China.

Commenting on the new funding, Steven Lam Hoi-yuen, chief executive officer and co-founder of GoGoVan, said: “Since the merger, our business has been advancing rapidly. With the number of powerful investors on board in this round of funding, it shows that the market approves of our strategy. We strive to simplify logistics and delivery services.”