Digital media group ByteDance has invested $10m to lead a $40m series A round for United Arab Emirates-based courier service iMile Delivery, Bloomberg reported today, citing people familiar with the matter.
The other participants were not disclosed, but the round valued the company at $350m according to a statement, though a source told Bloomberg that ByteDance invested at a lower valuation. It follows $10m in pre-series A funding from undisclosed investors in March 2020.
Founded in 2017, iMile provides last-mile delivery as well as fulfilment and warehousing services for online merchants, using artificial intelligence to help sellers in China – where founder and CEO Rita Huang formerly lived – penetrate the Middle Eastern market.
Huang said in a statement: “This is truly an exciting time for iMile as we continue to expand across the region and around the world. We have a very strong presence in the Middle East and we plan on expanding into the Africa and Latin American markets.
“Our latest funding round is a proud moment for us and we intend to further invest in our technology, whilst improving the performance and excellence of our services. The investment will also help us accelerate our growth in many more markets to come.”
Photo courtesy of iMile Inc.
