Hong Kong-based delivery startup Lalamove has reportedly raised a $300 million round of Series D funding at a +$1 billion valuation.
A Huge Southeast Asian Presence
Founded in 2013, Lalamove is a ride-haling delivery and logistics company like similar to Uber, which focusing on business and corporate clientele. The company – which operates out of mainland China – has over 2 million drivers across more than 130 cities, and boasts more than 28 million active users. Outside of China, Lalamove operates in seven other Asian countries, including Taiwan, Vietnam, Indonesia, Malaysia, Singapore, the Philippines, and Thailand. The latest round of funding is anticipated to be used to further expansion into southeast Asia and India.
The Latest Large Round of Funding
The latest $300 million round of Series D funding will reportedly be split in to two halves: Hillhouse Capital will lead the ‘D1′ portion, and Sequoia China will lead the ‘D2’ tranche. The exact size of each half has not been disclosed. Previous to this, Lalamove closed a $100 million round of Series C funding in 2017. To date, Lalamove has raised more than $460 million after seven rounds of funding.
Firmly in Unicorn Territory
According to reports, the latest round of funding places Lalamove firmly into unicorn status. However, according to company head of international Blake Larson, Lalamove has been, “past the unicorn mark for quite some time [but] we just don’t talk about it.” The company was reportedly just shy of a $1 billion valuation when it closed its $100 million round of Series C funding.
A 21st Century Founder and CEO
Lalamove was founded in 2013 by Stanford graduate, Shing Chow. According to Sequoia China founder and managing partner Neil Shen, “Shing is a role model for Hong Kong’s new generation of innovative entrepreneurs. Raised in Hong Kong and educated at Stanford University, Shing returned and plunged himself in the entrepreneurial wave of ‘Internet Plus,’ becoming a figure of entrepreneurial success.” By all accounts, the future seems very bright for the young CEO.