Lalamove raises US$100m in series-C funding
Same-day delivery and logistics provider Lalamove has completed a US$100 million series-C funding round.
Aside from market expansion, the cash injection will also be used to invest into talent across the organisation, to add product features and to allow businesses more direct access to Lalamove’s fleet of drivers. One example is new integration technology to help SMEs include the company’s on-demand delivery as part of their own business services.
“We foresee strong growth in last-mile delivery, and this has been reflected in Lalamove’s growth and performance,” says partner Cheng Tian of venture capital firm ShunWei Capital, which led the round..
“In only a couple years, Lalamove’s standardisation, speed of service, lean operations and execution strategies have all drastically improved efficiency, lending to its excellent reputation across Asia.”
“Delivery of information takes seconds, but delivering physical goods is still relatively slow,” says Lalamove founder/CEO Shing Chow. “We want to change that, and want delivery to be measured in minutes, not days. Our average order-to-delivery time is very quick at 46 minutes, but we want to achieve even more.”
In July, the Hong Kong-based company added its 100th city for deliveries. It has more than 15 million users and is supported by more than 2 million drivers while continuing to expand across China and Southeast Asia.
It currently operates in Hong Kong, Thailand, Singapore, the Philippines and Vietnam.