Alibaba-backed logistics major GoGoX banks $100m in fresh funding

Hong Kong-based GoGoX, a tech-driven logistics startup, said it raised US$100 million in its latest funding round.

More funding details

• Lead investors: BOCOM International and Cyberport Macro Fund
• Other investors: Alibaba, 58.com, Cainiao, China InnoVision, and Qianhai Equity Investment Fund
• Stage: Undisclosed

More company updates

• With the new funding, GoGoX plans to invest resources across various markets, expand its businesses, advance its service and product innovation, and improve user experience, among others.
• GoGoX said it currently provides its services to users and enterprises in over 300 cities across Asia. It has a presence in Singapore, Taiwan, South Korea, China, India, and Vietnam, with more than 8 million registered drivers as of July 2020.
• Last year, the company announced that it was rebranding in an effort to better consolidate its logistics services, which includes GoGoBusiness for companies and GoGoDelivery for individuals.
• In late 2017, GoGoX merged with Chinese competitor 58 Suyun, giving it instant access to over 300 cities in China. (Read: GoGoVan’s CEO on $1b merger, Vietnam plans, and concerns for the future)

For more coverage of the company, head here. You can also click on the link below to view key details about the company, as well as its funding history.