Shunwei Capital, an investment firm co-founded by Chinese billionaire entrepreneur Lei Jun, and retailer Beijing Hualian Group have jointly led a US$50 million series C+ round in Shansong Express, a Beijing-based inner-city logistics start-up focused on providing last-mile delivery solutions.
U.S. publishing giant Hearst Communications Inc. and existing investor Prometheus Capital also participated in the round.
The new round brings Shansong's total fundraising this year to US$100 million. The company completed a US$50 million series C round led by SIG Asia Investment and YI Capital in February.
Founded in 2014, Shansong Express focuses on last-mile, inner-city deliveries, guaranteeing one-hour or less delivery times for distances within five kilometers. Average delivery time in Shanghai and Beijing is around 45 minutes, the company...
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