China-based last-mile delivery service FlashEx has secured $125m in a series D2 round backed by SIG China, a subsidiary of quantitative trading firm Susquehanna International Group (SIG), DealStreetAsia reported yesterday.
Alpha Square Group, CF Capital, Shunwei Capital, N5 Capital, Tiantu Capital, Oceanpine Capital, Axiom Asia Private Capital and Qianshan Capital also participated in the round.
Also known as Shansong Express, FlashEx provides last-mile delivery services for urban consumers with a guarantee to deliver items within an hour. Its platform has more than 4 million registered drivers who deliver goods such as food, medicine, documents and flowers.
Hearst Ventures, a corporate venturing subsidiary of media group Hearst, took part in a $60m series D1 round for the company in 2018 that was co-led by N5 Capital, V Star Capital and Shihaisong Capital with investments from Shunwei Capital, BHG Long Hills Capital and Lighthouse Venture Capital.
FlashEx had previously raised $50m in a series C-plus round in June 2017 co-led by retailer Beijing Hualian Group and Shunwei Capital and backed by Hearst and Prometheus Capital. SIG vehicle SIG Asia Investments joined Yi Capital to co-lead a $50m series C round four months earlier that also featured Prometheus.
Tiantu Capital took part in a $10m series B-plus round for FlashEx in 2015, following a $50m series B round led by JD Capital earlier the same year. CDH Investments had supplied an undisclosed amount of series A funding for the company in 2014 while Matrix Partners China is also an existing investor.