GOGOX closes US$100 million funding, looks to improve UX and influence

Logistics company GOGOX has closed approximately US$100 million funding co-led by BOCOM International and Cyberport Macro Fund. This new round of funding will enable GOGOX to invest resources among various markets, deepen its businesses and influence, advance its service and product innovation, continue to improve user experience, and drive intra-city logistics forward, said the company.

Since the merger with 58 Suyun in 2017, GOGOX continues to provide diversified logistics services and value-added features to platform users and enterprises in more than 300 cities across Asia. Moving forward, with the aid of the funding, GOGOX will continue to invest in its platform service and enterprise solutions. While GOGOX declined to comment on how the funds will be used for marketing, the spokesperson said it is committed to accelerating the platform services and enterprise solutions. 

GOGOX, chief financial officer, Vincent Hu said, “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.”

GOGOX co-founder and CEO, Steven Lam said, “We are thrilled with this investment co-led by BOCOM International and CMF, which demonstrates their trust and recognition of the potential of GOGOX and the intra-city logistics industry.”

Lam added that during the COVID-19 pandemic, the team capitalised on the booming development of eCommerce and achieved phenomenal growth. “This new funding will entrench our intra-city logistics footprint, assist our efforts to innovate our products and services, equip ourselves to thrive under the new normal, and build a better and stronger GOGOX,” he added.  GOGOX has amassed a strong portfolio of strategic investors and funds, including 58.com, Alibaba, Cainiao, China InnoVision and Qianhai Equity Investment Fund.

The app-based logistics firm first launched in Hong Kong in 2013 as GOGOVAN. Over the years, it expanded its businesses from Hong Kong to Singapore, Taiwan, Mainland China, South Korea, India, and Vietnam. It currently has more than 8 million registered drivers under the GOGOX network. 

During its seventh anniversary, to convey the company’s long-term development strategy as well as to build a clear market positioning, GOGOVAN officially rebranded to GOGOX last year. Under the new brand, the company continued its journey to accelerate the growth of the logistics industry. GOGOX symbolically reflected the company’s diligence to provide eXtraordinary eXperience with its eXpertise to drive eXponential growth for businesses.

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