Xianghe Capital, a Beijing-based venture capital firm founded by the former head of Baidu Inc’s merger and acquisition department Hesong Tang, has led a US$30 million series B round in Lalamove, a Hong Kong-based on-demand delivery start-up.
Hong Kong is a city with a population of seven million, but with only half a million private cars. So demand for logistics companies to help relocate furniture, not to mention pets, storage or simply move oversized goods across town is high. Thus, two aggressive Hong Kong-based on-demand delivery companies Lalamove and GoGoVan, are attracting investment from some big-name investors, despite questions over whether there is enough room for these newcomers to an already crowded market.
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.