China-based logistics service provider Shansong Express has raised $50m in a series C+ round co-led by retailer Beijing Hualian Group and investment firm Shunwei Capital, China Money Network reported today.
Publisher Hearst Communications also took part in the funding round, as did Prometheus Capital.
Established in 2014, Shansong Express operates a last-mile delivery service that guarantees for delivery times of under an hour for distances of less than five kilometres in cities. The company claims its average delivery time is in fact 45 minutes.
Shansong has expanded to 31 cities across China to date, processing some 100,000 deliveries each day that are handled by its more than 184,000 couriers.
SIG Asia Investments, a subsidiary of technology and trading firm Susquehanna International Group, previously co-led a $50m series C round in February 2017. YI Capital co-led the round, while Prometheus also contributed.
JD Capital led a $50m series B round in 2015, following $10m series B+ round supplied by Tiantu Capital later that same year. Shansong also raised a series A round of undisclosed size from CDH Investments in 2014.