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Logistics startup Lalamove raises US$100m for growth

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Hong Kong-based logistics startup Lalamove which has a presence in Singapore, has raised US$100 million in its latest round of funding.

HONG KONG-BASED logistics startup Lalamove, which has a presence in Singapore, has raised US$100 million in its latest round of funding.

This comes after it recently raised US$30 million in January to expand across more cities in China and South-east Asia.

Lalamove's latest investment round was led by ShunWei Capital, a venture capital firm that invests in growth-stage startups, and includes participation from previous investors such as Xiang He Capital and MindWorks Ventures.

Besides market expansion, the new funding will be used to invest in talents, build new product features and allow businesses more direct access to the firm's fleet of drivers, the company said in a press release on Wednesday.

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As at July 2017, the company offered delivery in 100 cities. Today, it services over 15 million users, and is supported by over two million drivers.

Said Shunwei Capital partner Cheng Tian: "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."