Chinese alternative investment firm CDH Investments has led a RMB2.5 billion (US$360 million) series A funding round in Hive Box, which operates a network of self-service package drop-off and pick-up stations across China and is backed by SF Express Co., Ltd.
China Development Bank Capital, Eastern Bell Venture Capital, Yiyao Capital, and existing investors also participated.
Hive Box was founded in 2015 by SF Express together with other Chinese courier companies STO Express, ZTO Express and Yunda Express, as well as logistics property GLP.
The company now operates 40,000 smart package self-service units with three million package boxes in 74 cities in China, improving convenience and efficiency in the last-mile delivery process.
Over 400,000 courier delivery personnel from various delivery and e-commerce companies use Hive Box’s facilities, which are mostly conveniently located in apartment building lobbies and transportation hubs.
As users do not need to be home to receive packages or go to a specific store to send packages, the service is being adopted by delivery firms and users rapidly.
Hive Box plans to use the proceed to expand its business into more cities in China, improving its information and data integration, as well as exploring new ways to enhance user satisfaction.