The logistics service provider raised the money in a series C round co-led by a subsidiary of Susquehanna International Group, and will invest in growth and R&D.
SIG Asia Investments, a subsidiary of technology and trading firm Susquehanna International Group, has co-led a $50m series C round for China-based logistics service provider Shansong Express, Technode reported yesterday.
The round, which was co-led by venture capital firm YI Capital, included investment firm Prometheus Capital.
Founded in 2014, Shansong Express operates a short-distance logistics service that promises delivery within an hour for distances under five kilometres.
The company uses a network of about 184,000 couriers, delivering roughly 100,000 packages each day to a user base of more than 12 million users across 31 Chinese cities. The funding will be spent on market expansion and research and development.
Shansong has not disclosed the individual amounts raised in each of its preceding rounds. Alternative asset manager CDH Investments provided its series A funding, before it closed a series B round led by JD Capital and series B+ funding from fellow VC firm Tiantu Capital.
