Hong Kong's Lalamove seeks funds at US$8b valuation

[HONG KONG] Hong Kong's on-demand logistics and delivery firm Lalamove is seeking a new funding round at a US$8 billion valuation, about four times the level it raised funds at last year, according to people with knowledge of the matter.

The company, also known as Huolala in China, is looking to raise at least US$500 million, said the people, who asked not to be identified as the information is private. The startup could raise more depending on investor demand, the people said.

Founded in 2013 by Stanford graduate and former professional poker player Chow Shing-yuk, Lalamove provides van-hailing and courier services on demand. It operates in 24 markets across Asia, Latin America and the US with a pool of more than 700,000 driver partners, according to its website. Lalamove's business is anchored in China.

Lalamove last year raised US$300 million from investors including Hillhouse Capital and Sequoia Capital China in a Series D fundraising. The last funding round valued the company at about US$2 billion, the people said.

Transportation and logistics companies have seen a surge in demand globally amid a boom in e-commerce, one of the beneficiaries of coronavirus-driven lockdowns this year.

Deliberations for the latest fundraising are preliminary so details could still change, the people said. A representative for Lalamove didn't respond to requests for comment.

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