Chinese investment firm Shunwei Capital has led a US$100 million round in Lalamove, a Hong Kong-based same-day inner-city delivery and logistics provider in Southeast Asia and China.
Existing investor Xianghe Capital and MindWorks Ventures also participated in the round, according to a company announcement.
Chow Shing-yuk, founder of Lalamove, confirmed to China Money Network that the company is valued at nearly US$1 billion after completion of this new round, bringing the four-year-old company very close to achieving “unicorn” status.
Founded in 2013, Lalamove provides on-demand deliveries via its website and mobile app, and allows users to register as a delivery driver after a short training. As of this July, the company has expanded to 100 cities in Asia, and has over 15 million registered users and over two million registered drivers.
“Lalamove is an important investment for us in the mobile logistics sector. We foresee strong growth in last-mile delivery and this has been reflected in Lalamove’s growth and performance,” said Cheng Tian, a partner at Shunwei. “In only a couple years, Lalamove’s standardization, speed of service, lean operations and execution strategies have all drastically improved efficiency, lending to their excellent reputation across Asia. Their resilience and continued efforts to innovate have allowed them to lead in the last mile delivery business.”
In January, Lalamove raised a US$30 million series B round from Xianghe, Blackhole Capital, MindWorks, and Crystal Stream. Two years prior, it completed a US$10 million series A round from MindWorks, AppWorks and Crystal Stream.
“After our Series B, we set out an ambitious goal to achieve leading delivery coverage across Asia and we’ve managed to exceed our expectations,” said Chow in the announcement. “We will continue to quickly expand into cities where we feel we can provide the simplest and fastest delivery service in the market.”
Lalamove plans to use the latest proceeds to expand its business, as well as make investments into talent across all parts of the firm, to build new product features and to allow businesses more direct access to its fleet of drivers.