All you need to know about high-flying Hong Kong start-ups GoGoVan and Lalamove

October 13, 2017
Industry News
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Bien Perez
bien.perez@scmp.com

It has been more than a month since logistics company GoGoVan became the first Hong Kong start-up to be valued at more than US$1 billion, and now rival Lalamove has staked its claim as the city’s next “unicorn” after raising US$100 million from a new round of funding.

A unicorn is a start-up valued at a US$1 billion or more. Here are five things everyone should know about these two companies:

FOUNDERS:

Young entrepreneurs Steven Lam Hoi-yuen, Nick Tang Kuen-wai and Reeve Kwan Chun-man established GoGoVan in 2013, following their initial work on a small lunchbox delivery service.

A graduate of Stanford University, Chow Shing-yuk founded Lalamove in 2013 after working in a management consulting job at Bain & Company and spending a stint as a professional poker player. Lalamove was previously known as EasyVan.

THE BUSINESSES:

Both GoGoVan and Lalamove compete in the on-demand, small goods logistics market, creating separate ordering platforms to match delivery van drivers with millions of users in Hong Kong and other markets across Asia.

PATHS TO UNICORN STATUS:

GoGoVan merged with 58 Suyun, the freight business of mainland Chinese online classified giant 58 Home.

Lalamove raised US$100 million in a new funding round led by ShunWei Capital, a venture capital firm co-founded by Xiaomi chief executive Lei Jun, to lift its valuation at close to US$1 billion.Continue Reading

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