Gogox, a China-based delivery services provider backed by corporates Cainiao, 58 Daojia, Singapore Press Holdings, Renren and Alibaba, has raised approximately $100m in funding, Marketing-Interactive reported yesterday.
Bocom International, a subsidiary of financial services firm Bank of Communications, co-led the round with Cyberport Macro Fund, an investment vehicle formed by innovation and technology hub Cyberport. The company will use the funding to support business expansion and further develop its products and services.
Founded as GoGoVan in 2013, Gogox offers services including an on-demand delivery van rental platform, door-to-door delivery services and a logistics management platform for businesses. It had initially launched in Hong Kong before expanding to Singapore, Taiwan, Mainland China, South Korea, India and Vietnam.
In 2017, the company agreed to a $1bn merger with 58 Suyun, a logistics and freight services provider spun off from local services platform operator 58 Daojia.
Gogox had raised $250m in a mid-2018 round led by InnoVision Capital that included 58 Daojia, logistics services provider Cainiao, Hongrun Capital, Qianhai Fund of Funds and the government-backed Russia-China Investment Fund.
New Horizon Capital led a 2016 series C round of undisclosed size for Gogox that also featured e-commerce group Alibaba’s Hong Kong Entrepreneurs Fund, media company Singapore Press Holdings, Hotung Investment Holdings and unnamed existing backers.
The company had previously collected $20m in a series B round closed in 2015 and backed by social network operator Renren, following a $6.5m series A round led by Centurion Investment Management the year before.