Tencent, Banyan Capital Lead $15M Series A For Renren Express

Beijing-based Chinese crowd-sourcing express service platform Renren Express has completed US$15 million series A financing led by Tencent Holdings Limited and Banyan Capital, according to an announcement released on the company’s official Weibo account.

The company says that the proceeds will mainly be used to build up its team and improve operations.

Founded in May 2011, Renren Express provides a platform allowing any registered users to provide local town delivery services. The company currently has over seven million registered users across China.

In mid-October, Renren Express launched its latest mobile app. It recently launched a sub-brand Cansong, a food delivery service app, in Chengdu and Hangzhou.