Here They GoGo Again: Hong Kong’s GoGoVan Raises US$10 Million in Strategic Investment to Enter China

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GoGoVan, Hong Kong’s homegrown success story, has raised an additional US $10 million from RenRen Inc. “The Facebook of China” took a 10% stake in the logistics tech startup, becoming a minority shareholder.

Since their launch in July 2013, GoGoVan has been in the fast lane and have established the largest logistics fleet in Hong Kong, having signed up over 20,000 registered commercial vehicles. After successfully testing the expansion waters in Singapore and operating a fleet there with more than 3,000 vehicles, GoGoVan has moved onto Taipei and plan in expanding to Sydney, Melbourne and Seoul by the end of this year.

Remember our post back in February where we named GoGoVan co-founder Steven Lam one of the ‘Top 3 Hong Kong Founders to Watch?’ Back then, GoGoVan already had 12,000+ drivers downloading the app and over 100,000 user downloads and now they’ve scaled up to 74,000 registered drivers and over 500,000 user downloads. And just three months ago, GoGoVan raised a huge series A round of $6.5 million and have now added an additional $10 million to their account to fund their expansion into China. Talk about pedal to the metal.

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RenRen Inc. in 25 Slides

On April 15, 2011 Renren Inc. filed its F-1 for IPO on the NYSE under the ticker RENN. Beijing-based Renren Inc. includes the real-name social network Renren, the games producer Renren Games, and the group-buying site Nuomi.

The initial offering aims to raise $508 to $580 million and values the company at approximately $4.3 billion. Here’s what you need to know about Renren Inc. in 25 slides!

Note: I recently joined iChinaStock.com, which reports on Chinese companies publicly-listed in the US. We’re creating a series of iChinaStock ”Inside” profiles of publicly-listed (or soon-to-list) Chinese firms. Renren Inc. is the first in the series and I thought it’d also be of value to the TechRice audience.