International Finance

Hong Kong-based GOGOX raises $100 mn funding for business expansion

The lead investor of the funding round were BOCOM International and Cyberport Macro Fund

Hong Kong-based logistics company GOGOX has closed a $100 million funding co-led by BOCOM International and Cyberport Macro Fund and will use these funds to improve their UX and increase their influence in the market, according to media reports.

The new round of funding will also let the logistics company to invest in resources among various markets that will help deepen their businesses and influence, advance their service and product innovation. The funds will also help the company to improve their user experience and drive the intra-city logistics forward.

After the merger with 58 Suyun in 2017, GOGOX continues to provide diversified logistics services and value-added features to over 300 cities in Asia. In future, GOGOX will continue to invest in its platform service and enterprise solutions with the help of the funding.

GOGOX CEO Vincent Hu told the media, “Intra-city logistics has entered a new era of user data protection and sustainable ecosystem development. The new funding will not only empower GOGOX’s stable and rapid business expansion as a leader in safety, user satisfaction and compliance, but also keep us on track to produce exceptional results through our outstanding capital efficiency.”

Co-founder Steven Lam also quipped saying that the funding will surely help them reach the ambitious goals the company has in mind. He also added that during the Covid-19 pandemic, the company’s team capitalised on the booming development of eCommerce and achieved phenomenal growth.

First launched in 2013 as GOGOVAN, the company has expanded over the years to countries like Singapore, Hong Kong, Taiwan, Mainland China, South Korea, India, and Vietnam. Currently, the company has more than 8 million registered drivers under the GOGOX network.

Image credits- Marketing Interactive

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