Lalamove secures 3rd round of funding in last 18 months
Hong Kong, May 31, 2016 - Lalamove recently closed another USD 10 million funding on the heels of its partnership with LINE in Bangkok and tremendous growth in China.
Lalamove, founded in Hong Kong as EasyVan in December of 2013, has closed its third round of funding in the past 18 months. The current round of funding brings Lalamove’s total funding up to USD 30 million.
“We began as a small start-up in Hong Kong working out of my apartment and have grown to 19 cities across Asia in the last two years. When we began, we targeted lots of small businesses, but since then we have developed enterprise solutions to allow companies like Google, IKEA, and now LINE to make their delivery much faster and simpler", said founder and CEO, Shing Chow.
Chow continued, “There is so much potential in making delivery more efficient as mobile internet is changing the way mobile assets are utilized. This funding will be used to accelerate our leadership position and expansion efforts throughout China and other SEA countries. It’s really a vote of confidence from our existing investors in our model and team. It is our goal to be profitable this year, and it’s quite rare that you see a startup growing at our speed achieving that in less than three years. We are on track to deliver that.”
With the largest footprint across Asia, Lalamove is well positioned to capitalize on the growing trend of businesses looking to out-source their delivery needs. Additionally, with more and more consumers looking to have their items delivered faster, Lalamove’s average delivery time of 46 minutes is changing the landscape of intra-city delivery in Asia.
The funding was led by existing investor MindWorks with participation from other existing investors including China’s Crystal Stream, Taiwan’s AppWorks, Hong Kong’s Aria Group and new investor, Asia Plus from Thailand.
Founded in 2013 originally as EasyVan in Hong Kong, Lalamove is the leading on demand, intra-city delivery platform in Asia. Lalamove connects customers to its more than 50,000 professional delivery drivers in Hong Kong, Singapore, Bangkok, Taipei, and 15 cities across China including Shenzhen, Guangzhou, Beijing, Shanghai, Chongqing, Chengdu and many more.
Lalamove revolutionizes intra-city delivery with features such as real time order matching, delivery tracking, 24/7 services and drivers rating; fulfilling customers’ moving needs and at the same time helping drivers get more business. Customers have the convenience of using their smartphone or computer to place and track orders in a couple clicks.
With Lalamove's state-of-the-art technology & best-in-class customer service, intra-city delivery has never been faster.
About the Investors:
MindWorks Ventures is a venture capital firm with focus in the Southeast Asia and Greater China region. Their multi-stage venture fund invests in companies and assists the brightest founders to build technology for rapid adoption, scalability and disruption. http://www.mwsventure.com
Crystal Stream is a china focused venture capital fund, established in 2012, with the mission of finding talented entrepreneurs in China and helping them become successful CEOs of successful enterprises. Its limited partners include Hillhouse Capital and Qunar's CEO, CC Zhuang.
AppWorks is an early, long-term investor for mobile and internet entrepreneurs, looking for determined, creative and highly executable organizations. Apart from getting seeding fund, AppWorks will continue support until the entrepreneurs develop the right product for the right market and establish a sound business model worldwide. http://www.appworks.tw
Asia Plus Group Holdings Public Company Limited provides securities investment services. The Company's services include securities brokerage, securities trading, underwriting and investment advisory. With the determination to provide best quality and efficiency services and strive for excellence in human resources and technology development, the company has gained increasing trust and credibility from investors and moved forward to be one of leading securities companies in Thailand that holds top market share ranking.
Aria Group is a Hong Kong-based family office with a multi-strategy investment platform. ARIA invests in various asset classes globally, including fixed income, equities, real estate, private equity and other alternative investments. http://www.ariagp.com/
For more information on Lalamove's funding: