SINGAPORE - Hong Kong-based logistics start-up Lalamove, which has a presence in Singapore, has raised US$100 million in its latest funding round.
The fund-raising was led by ShunWei Capital, with participation from several previous investors, including Xiang He Capital and MindWorks Ventures.
The funds will be used to ramp up growth in China and South-east Asia, as well as invest in talent to build new product features and provide more direct access to Lalamove's large fleet of drivers.
Lalamove provides same-day delivery services for small and medium-sized enterprises. It operates in 100 cities servicing more than 15 million users, supposed by two million drivers.
In Singapore, Lalamove is experiencing increasing demand for its services from the corporate sector, including restaurant deliveries, the company said in a statement.
"Delivery of information takes seconds, but delivering physical goods is still relatively slow. We want to change that. We want delivery to be measured in minutes, not days. Our average order-to-delivery time is very quick at 46 minutes, but we want to achieve even more," said founder and chief executive Shing Chow.
Singapore country director Gaetano Seminario said: "This successful funding round reflects the importance of the last-mile delivery space.
"This is particularly true in Singapore where consumers' expectations are extremely high in terms of delivery times and service quality, and always growing.
"Lalamove enables businesses to offer a best-in-class delivery experience to their end users while focusing on their core business."