Hong Kong-based logistics startup, Lalamove, has secured a US$300 million series D round of funding, bringing the startup into the unicorn club. This new round is split into two, D1 led by Hillhouse Capital and D2 led by Sequoia China. Other investors that participated include new backers Eastern Bell Venture Capital and PV Capital and existing investors including ShunWei Capital (founded by Xiaomi CEO Lei Jun), Xiang He Capital and MindWorks Ventures.
Founded in 2013 by Stanford graduate Shing Chow, Lalamove offers logistics and delivery solutions, primarily focused on business and corporate customers via its platform. In addition to cities throughout the Greater China region, the startup operates in 11 cities including Singapore, Malaysia, and Indonesia.
Lalamove eyes to use the newly acquired funds will go towards expanding its reach with additional city launches in Southeast Asia and accelerate its entry to India.
Since its inception in 2013, Lalamove has raised over US$460 million, with the previous Series C in late 2017 at US$100 million.
“Driven by technological innovation, well-run operations, efficient platform matching, and quality service, Lalamove has been able to differentiate itself from other players and secure a leading position in the industry,”Neil Shen, Founder and Managing Partner of Sequoia China