Hive Box, a China-based, corporate-backed logistics services provider, has received RMB2.5bn ($360m) in a series A round led by alternative asset management firm CDH Investments, China Money Network has reported.
The round also featured state-owned financial institution China Development Bank, which participated through its China Development Bank Capital investment arm, as well as Eastern Bell Venture Capital, Yiyao Capital and existing, unnamed shareholders.
Hive Box was set up in 2015 by logistics facilities provider GLP and courier services companies SF Express, STO Express, ZTO Express and Yunda Express. It operates 40,000 self-service drop-off and pick-up parcel stations spanning 74 cities in China.
The stations, which Hive Box claims are being used by more than 400,000 couriers, are primarily located in transport hubs and the reception areas of apartment buildings.
The company will use the money to expand into additional cities across China, improve its data and information integration, and develop additional features.
– The original version of this article appeared on our sister site, Global Government Venturing.