On-demand logistics startup Lalamove raises $300M for Asia growth and becomes a unicorn
Wednesday, February 20, 2019
(Techcrunch by Jon Russell) – Lalamove, a Hong Kong-based on-demand logistics startup, has closed a $300 million Series D round as it seeks expansion across Asia. In doing so, the company has officially entered the unicorn club.
Founded in 2013 by Stanford graduate Shing Chow, Lalamove provides logistics and delivery services in a similar style to ride-hailing apps like Uber, but it is primarily focused on business and corporate customers. That gives it more favorable economics and a more loyal customer base than its consumer-focused peers, who face discount wars to woo fickle consumers.
This new round is split into two, Lalamove said, with Hillhouse Capital leading the “D1” tranche and Sequoia China heading up the “D2” portion. The company didn’t reveal the size of the two pieces of the round. Other investors that took part included new backers Eastern Bell Venture Capital and PV Capital and returning investors ShunWei Capital (the firm founded by Xiaomi CEO Lei Jun), Xiang He Capital and MindWorks Ventures .
