Mobile logistics startup GoGoVan drives away with US$250m in new funding

The firm also plans to move into the door-to-door delivery scene.

On-demand delivery van services GoGoVan has successfully raised US$250m in the first phase of its new funding round led by venture capital firm InnoVision Capital.

Alibaba’s Cainiao, Russia-China Investment Fund, Hongrun Capital, Qianhai Fund of Funds, and 58 Daojia Group also pitched in.

"We will be using the new funds to expand our service offerings and grow new markets. In the next few months, we will offer a door-to-door service to fulfill demand in the small-item segment," GoGoVan co-founder and CEO Steven Lam said in a statement.

The funding round comes on the heels of the firm’s earlier merger with intra-city logistics platform 58 Suyun last August.

GoGovan operates in a similar manner to on-demand ride-hailing firm Uber as it connects customers with van drivers through its app. Its main competitors in the last-mile delivery scene include Lalamove and Singapore’s Ninja Van.

Photo from GoGoVan

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