SIG Asia Investment and YI Capital, a Beijing-based technology-focused venture capital firm, have led a US$50 million series C round investment in Shansong Express, a Beijing-based inner-city logistics start-up.
Prometheus Capital, an investment firm founded by the son of Dalian Wanda Group’s chairman Wang Jinalin, also participated in the round.
Founded in 2014, Shansong Express has over 12 million users and 184,000 couriers. It focuses on short-distance, inner-city deliveries and guarantees a one-hour or less delivery time for distances within five kilometers. It currently operates in 31 cities in China with an average of around 100,000 deliveries daily.
Previously, Shansong received an undisclosed series A round from CDH Investments, a series B round led by JD Capital, and a series B+ round from Tiantu Capital.
The company said it plans to use the proceeds to continue expanding its market share, and also on research and development to improve products.
Founded in 2014 by a two former executives at CDH Venture, YI Capital focuses on investing in the finance, automotive, logistics and e-commerce sectors. Its past investments include online real estate agency Lianjia and 5i5j.com, as well as a financing platform Meili Finance.