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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Hong Kong Mobile Logistics Startup GoGoVan Raises US $6.5 Million in Series A Funding for Asia-Pacific Expansion Plans

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GoGoVan, a mobile startup that matches delivery vehicles up with the people that need them, has raised US $6.5 million in Series A funding. The homegrown startup was able to secure the deal in just 4 weeks with Centurion Private Equity (headquartered in Singapore with offices in Hong Kong and Shanghai) and a group of prominent Singaporean-based investors.

We had a chat with co-founder Steven Lam to get an update on his startup since we featured him in a “3 Founders to Watch” post earlier this year.

He said that since expanding to Singapore back in June of this year, GoGoVan has already added 2,000 registered vehicles to their platform. This is in addition to their current user base of 18,000 on the driver’s side, which collectively makes up the largest logistics fleet in Hong Kong.

Steven said that due to similarities between the two city-states, Singapore was seen as an ideal market to test the waters for the rest of Southeast Asia. “Singapore’s economic nature is very similar to Hong Kong’s, because they’re both trading hubs. Also, how small and medium companies and people move things around town are very similar, so we thought it was the best place to test our product,” he said.

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3 Hong Kong Founders to Watch: Meet Julian Lee of Ambi Climate, Steven Lam of GoGoVan and James Giancotti of Bigcolors

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There are lots of cool startups listed on our startup directory. In support of the startup community and all of its brilliant and industrious founders – we wanted to give them an editorial shout out.

In the first of a series of “3 Founders to Watch” posts, we’re introducing three Hong Kong entrepreneurs that are doing cool things in the hardware, mobile/logistics and platform space.

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