Lalamove, a Hong Kong-based logistics on-demand service, has closed a US$30m Series B as it begins to consider a public listing.
The company, which was founded as EasyVan three years ago, is currently present in 50 cities in China and five cities across Southeast Asia. It plans to use this new capital to expand to 60 more cities in China and Asia by the end of 2017.
This round takes the company past US$60m raised from investors. The Series B was led by Beijing-based Xianghe Capital, a new VC firm founded by Baidu’s former head of M&A Hesong Tang. In an interview with TechCrunch, Blake Larson, Managing Director for International at Lalamove, said the company is close to reaching profitability.