News Snippets

GOGOVAN raised $341 million in new round of funding – here’s what they plan to do with the money

GOGOVAN, the first logistics platform on mobile app in Asia, today announced that it has raised USD250 million (S$341m) in the first phase of its new round of funding. 

This round was led by InnoVision Capital, along with other investors including Alibaba’s logistics arm Cainiao, Russia-China Investment Fund, Hongrun Capital, Qianhai Fund of Funds, and 58 Daojia Group.

GOGOVAN, established in 2013, merged last August with the largest intra-city logistics platform in China, 58 Suyun.  The Group operates in over 300 cities, serves more than 8 millions users, and is supported by 2,000 employees worldwide. 

The merger has created synergies on fleet utilisation, geographical coverage, and has formed a solid foundation for high growth. 

Since its establishment, GOGOVAN has received funding from investors globally, including Centurion Private Equity, Renren Inc., MFund, New Horizon Capital, Alibaba Entrepreneurs Fund, Singapore Press Holdings, and Hotung Investment Holdings. “We will be using the new funds to expand our service offerings and grow new markets. In the next few months, we will offer door-to-door service to fulfil the demand of small-item segment.  We strive to provide simplify logistics and delivery services.” said Steven LAM, CEO and Co-Founder of GOGOVAN.

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