GOGOX

GoGo Tech Limited
FormerlyGOGOVAN
Company typePrivate
IndustryTechnology
Founded2013
FoundersSteven Lam Hoi-yuen, Nick Tang Kuen-wai, and Reeve Kwan Chun-man
Headquarters
Hong Kong
Area served
Asia
WebsiteGOGOX.com

GOGOX, previously GoGoVan, is an on-demand ride sharing service based in Asia, which focuses on transportation of freight and goods in urban areas. Steven Lam Hoi-yuen, Nick Tang Kuen-wai and Reeve Kwan Chun-man co-founded the service in 2013. The service was initially launched in Hong Kong, before expanding its services. It operates in five countries in Asia, including Hong Kong, Singapore, mainland China, Taiwan, South Korea and India.

History

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Steve Lam Hoi-yuen, Nick Tang Kuen-wai and Reeve Kwan Chun-man co-founded GoGoVan in Hong Kong in the summer of 2013. The startup planned on providing an alternative solution for people in Hong Kong who required a van after the founders were working on a small lunchbox delivery service.[1] The co-founders had previously worked in the delivery market while studying in California and when returning to Hong Kong they realized it was quite difficult and time-consuming to organize van transport in the city.[2] In Hong Kong where the service was launched, it was estimated that van call centres took around 20–30 minutes to organize a van for hire.[3] In comparison, the app typically took 10–15 seconds to order a van, with direct communication taking place between the driver and the customer. During the first year, it was suggested by South China Morning Post that over 100,000 users had downloaded the app in Hong Kong, with over 7,000 drivers registered and vetted to use the service.[2]

The brand expanded its operations to neighbouring Singapore in 2014.[4][5] During the first week of the expansion, they attracted 200 drivers to the service.[6][7]

By 2014, it was suggested by TechCrunch that 50% of Hong Kong's van booking market was controlled by GoGoVan.[8] As of 2014, GoGoVan had 18,000 registered drivers in Hong Kong.[9]

During 2015, GoGoVan concentrated their expansion on Chinese cities, with moves into Beijing, Shenzhen and Taipei. They also moved into other Asian cities, including Seoul.[10] There was a slight knock-on effect to GoGoVan and other sharing economy companies, as there were some isolated incidents of their drivers carrying passengers for money.[11] According to the South China Morning Post, van call centres in Hong Kong had begun to downsize or close completely due to the success of the app and the companies monopoly in Hong Kong for moving freight.[12]

In late 2017, GoGoVan merged with mainland Chinese competitor 58 Suyun. That deal gave GoGoVan instant coverage across more than 300 cities in China.[13]

In July 2020, entering its seventh anniversary, in order to convey the company's long-term development strategy as well as to build a clear market positioning, GoGoVan officially rebranded to GOGOX.[14]

Funding

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The Series A funding round was for US$6.5 million, with Centurion Private Equity as the main investor.[15][16]

In June 2015, GoGoVan received its third major investment, with its Series B+ round raising an additional US$10 million.[17] The Series B+ was co-led by existing investor Renren and new investor Zemin Hu.[18][19]

GoGoVan's most notable investment came in May 2016.[20] The Series C funding round was for an undisclosed amount.[21] Alibaba launched their US$130 million fund to Hong Kong investors, with GoGoVan said to be one of the major recipients of the investment fund.[22] The Series C also included Singapore Press Holdings as a major investor.[23]

In July 2021, GoGoX raised US$100 million in a funding round led by BOCOM International and Cyberport Macro Fund. Other investors included Alibaba, 58.com, Cainiao, China InnoVision, and Qianhai Equity Investment Fund.[24]

See also

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References

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  1. ^ "A Business Mind: Steven Lam Hoi-yuen, co-founder of GoGoVan". South China Morning Post. October 13, 2014.
  2. ^ a b Sharp, Mark (January 17, 2014). "Local start-up GoGoVan is going places". South China Morning Post.
  3. ^ Shu, Catherine (June 19, 2014). "GoGoVan Wants To Be The 'Uber of Delivery' For Asia". TechCrunch.
  4. ^ Nan-Hie, In (January 21, 2016). "GoGoVan CEO Steven Lam On The Gov't's HK$2 Billion Fund For Startups And Advice For Entrepreneurs". Forbes. Archived from the original on January 29, 2016.
  5. ^ Lim, Jessica (April 19, 2015). "Car owners moonlight as delivery drivers". Straits Times.
  6. ^ Osman, Hafizah (July 2, 2014). "GoGoVan's the Uber of delivery, and it's landed in Singapore". Stuff.
  7. ^ Lim, Kenneth (December 14, 2015). "On-demand delivery apps take on the Singapore market". Channel News Asia.
  8. ^ Bora, Kukil (June 19, 2014). "GoGoVan, Delivery And Moving Expediter, Looks To Expand In Asia And Beyond". International Business Times.
  9. ^ Decker, Lee (July 12, 2014). "Hong Kong's "GoGoVan" App Delivers". Invest Asian.
  10. ^ Lo, Jennifer (March 17, 2016). "Startups wage war at home and across Asia". The Nikkei.
  11. ^ Lau, Chris (August 13, 2015). "Amid Hong Kong Uber crackdown, driver for delivery firm GoGoVan nabbed for carrying passengers". South China Morning Post.
  12. ^ Yung, Vanessa (February 3, 2015). "Hong Kong start-ups embrace the sharing economy for a better future". South China Morning Post.
  13. ^ "GoGoVan's CEO on $1b merger, Vietnam plans, and concerns for the future". www.techinasia.com. Retrieved 2021-07-27.
  14. ^ "GOGOVAN embraces the unlimited potential of the logistics industry with a refreshing new identity, GOGOX". businesswire.com. July 8, 2020. Retrieved July 14, 2020.
  15. ^ Shu, Catherine (August 15, 2014). "GoGoVan Raises $6.5M Series A To Expand In Asia". TechCrunch.
  16. ^ Yun-Hee, Kim (November 18, 2014). "Chinese Social Network Renren Invests In Hong Kong Startup GoGoVan". Wall Street Journal.
  17. ^ Bischoff, Paul (June 11, 2015). "'Uber for logistics' startup GoGoVan boasts 70K drivers in 6 countries, raises $10M funding". Tech in Asia.
  18. ^ Cheok, Jacquelin (June 12, 2015). "GoGoVan raises Series B+ funds, plans expansion". Business Times.
  19. ^ Woodhouse, Alice (June 11, 2015). "Hong Kong-based logistics start-up GoGoVan raises US$10 million in Series B funding". South China Morning Post.
  20. ^ Wu, Daisy (May 6, 2016). "Three start-ups benefit from Alibaba fund". The Standard.
  21. ^ Ho, Joyce (May 6, 2016). "Alibaba's $130 million fund to invest in Hong Kong's GoGoVan". The Nikkei.
  22. ^ Yilun Chen, Lulu (November 19, 2015). "Alibaba Picks Gobi to Manage $130 Million Hong Kong Startup Fund". Bloomberg.
  23. ^ Russell, Jon (May 6, 2016). "Alibaba's Hong Kong fund invests in three e-commerce startups". TechCrunch.
  24. ^ "Alibaba-backed logistics major GoGoX banks $100m in fresh funding". www.techinasia.com. Retrieved 2021-07-27.
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