GoGoVan has raised $6.5 million in Series A funding. Centurion Private Equity led the round. Based in Hong Kong, GoGoVan is an an app that provides logistics solutions.
GoGoVan, a technology startup that matches logistics service providers and users through a mobile app and the web, today announced it has completed a US$6.5m Series A funding round. Centurion Private Equity led the round, which also includes a number of prominent Singapore-based businessmen. GoGoVan will use the funds to further accelerate growth and broaden its platform offerings.
Based in Hong Kong, GoGoVan launched its business in July 2013 and has bagged several awards, including Hong Kong ICT Award’s Best Mobile App 2014 and Hong Kong Famous Brands. In Hong Kong,
GoGoVan provides its clients with access to over 18,000 registered commercial vehicles, the largest logistics fleet in Hong Kong. In June 2014, GoGoVan launched its services in Singapore and has added over 2,000 vehicles to its platform within a few weeks.
The accessibility and size of GoGoVan’s platform attract not only consumer users, but also corporate clients such as Kerry Logistics, SF Express and DHL. In just over a year since launch, GoGoVan has processed more than 1 million transactions with an aggregate transaction value of over HK$120 million. In Hong Kong alone, GoGoVan is currently operating at a run-rate of about 300,000 transactions per month.
With this funding, GoGoVan will accelerate its expansion into other major cities as well as broaden its platform offerings. Steven Lam, Co-Founder and CEO, commented, “This funding will allow us to bring our services into more cities. In Hong Kong, within nine months of our launch in July 2013, we captured close to 50% of the independent logistics providers. We are confident we will achieve the same result in Singapore. Our rollout into other cities will cement our leadership position and further validate the unique value proposition we bring to both users and providers of logistics services.”
Steven Lam added, “Our tremendous momentum reflects the clear value-add that GoGoVan delivers to all parties. With our users, they have the ability to track up-to-date movements of their goods, including final delivery times. This ability as well as the size of our platform has made it possible for us to attract blue-chip corporate clients. On the other hand, our logistics service providers benefit from more transparent demand and the ability to respond expediently. This results in less unutilized capacity and therefore higher earnings. It is a clear win-win for all.”
Gabriel Fong, Executive Chairman of GoGoVan, said, “Our fund raising received overwhelming response and we were able to sign this financing in under 4 weeks. We are indeed honoured to have both Centurion Private Equity as well as a group of successful industrialists as our investors. Besides the capital, we will benefit from their vast business network and experience. We will continue to hire the best talents to build on our strong momentum as we seek to dominate this space.”
GoGoVan is a mobile app that provides a modern solution to an age old logistics problem. At a click of a button, GoGoVan connects users looking to move anything from small parcels to bulky boxes into a network of delivery service providers at anytime and anywhere. The community of delivery providers available on GoGoVan ranges from motorcycles, vans, lorries, to even 10 feet to 26 feet trucks. GoGoVan offers businesses and consumers easy access to dispatch services at their fingertips. For drivers and vehicle owners, GoGoVan represents liberation from the shackles of inefficient classifieds, traditional call centres and dispatch services. GoGoVan empowers logistics service providers to tap into a city-wide pool of demand that was previously out of their reach; in Hong Kong, many GoGoVan drivers have experienced 20-30% increases in earnings.