China-based moving service GoGoVan has extended its series B round, backed by social network Renren, by a $10m second tranche featuring Renren’s CEO Yizhou Chen, Tech in Asia reported earlier today.
The extension was led by Hu Zemin, former chief executive of Android app store 91 Wireless, which was acquired by search engine operator Baidu in 2013. The second tranche boosts the series B round to $20m in total.
Founded in 2013, GoGoVan provides a smartphone app through which users can order a van to move bulky items such as furniture. The company generates revenue by displaying advertising on its fleet of 70,000 vans.
GoGoVan operates in Hong Kong, Singapore, Australia, Korea, Taiwan and China. The series B extension will support further growth in China.
Centurion Investment Management led a $6.5m series A round in August 2014.
– image courtesy of GoGoVan