China-based logistics service provider Shansong Express has received $60m in series D1 funding from investors including Hearst Ventures, the corporate venturing arm of publisher Hearst Communications, China Money Network reported yesterday.
N5 Capital, V Star Capital and Shihaisong Capital co-led the round, which also attracted technology and trading firm Susquehanna International Group (SIG), Shunwei Capital, BHG Long Hills Capital and Lighthouse Venture Capital.
Shansong Express has now achieved a valuation of more than $1bn, according to Technode.
Founded in 2014, Shansong Express runs a last-mile, inner-city delivery service that offers delivery times of under an hour for distances shorter than five kilometres. It currently operates in 222 cities across China and claims to have served more than 100 million users.
The company previously closed a $50m series C-plus round in June 2017 co-led by retailer Beijing Hualian Group and investment firm Shunwei Capital, with participation from Hearst and Prometheus Capital.
SIG Asia Investments, a subsidiary of SIG, and YI Capital co-led a $50m series C round in February 2017 that also included Prometheus.
In 2015, JD Capital led a $50m series B round, that followed a $10m series B-plus round backed by Tiantu Capital later that same year. Shansong also obtained an undisclosed amount of series A capital from CDH Investments in 2014.