Aug 28, 2018
On August 28, the intra-city express service brand BingEx (also known as FlashEx, 闪送) announced that it had completed a USD 60 million round D1 financing. This round of financing was jointly led by Oceanpine Capital, N5 Capital and V Star Capital.
SIG China, Shunwei Capital, BHG Long Hills Capital, Shunliang Investment, Hearst Capital, and Lighthouse Capital followed up with Investment. Lighthouse Capital served as the exclusive financial advisor for this round of financing.
Earlier, BingEx had completed multiple rounds of financing. In 2014, BingEx received a 4 million round A financing from CDH from the beginning of its establishment. In 2015, it received a round B financing of USD 50 million from JD Investment and Tiantu Capital. Series C financing was completed in the first half of 2017, with a total amount of over US $ 100 million. Investors include lead investor SIG China, YI Capital, Pusi Capital, Shunwei Capital, BHG Long Hills Capital and Hearst Capital.
After the financing, the status of intra-city express service industry is further consolidated. Currently, cash reserves of BingEx have reached $150 million.
BingEx said that after the financing, it increased the investment in team-buildings in Beijing and Shanghai. On one hand, it will continue to deeply cultivate the domestic market, further strengthen the positioning of BingEx in users for fast and high-quality services, and continue to tap the business potential of opened cities; on the other hand, it will try to explore overseas markets with China’s Belt and Road strategy, serving more overseas users with innovative service models.
BingEx went online in 2014, realized profitability in 2016, and maintained a high-speed annual growth rate of 300%. At present, the platform business has covered 222 cities across the country, and the platform has more than 480,000 active flashers every day.
As the quality of BingEx service is recognized by more and more users, " BingEx " has become synonymous with speed delivery mode. Since its establishment, BingEx has been focusing on the C-end market to meet the needs of a large number of discrete and immediate personal users.
Investors claim that BingEx has made a rapid improvement in the traditional city express delivery business.
Dave Chenn, founder of Oceanpine Capital, which led the investment, said, "Guided by user demand, taking advantage of the rapid development of the mobile Internet and logistics industry, BingEx broke the norm, established a new service model to meet the actual needs of user demand and has established a good reputation. BingEx is now synonymous with the intra-city express service and is a shining brand. The company has seized market opportunities under the leadership of Xue Peng and the management team. With years of industry experience, BingEx has made a leap forward in the traditional business of the intra-city express service. We hope to continue to deepen cooperation with BingEx, contribute our experience by integrating and linking our industry resources. We also look forward to BingEx’s quality services to continue to meet and refresh user expectations, and lead new developments in the industry. "
Jiang Yiwei, founding partner of N5 Capital, said, “Logistics distribution has become the infrastructure of the consumer industry, and logistics is also an important factor that affects whether consumption efficiency is improved. While N5 Capital is focusing on investing in the entire major consumer industry to 'eat, live and wear', The infrastructure sector related to the consumer industry is also one of the key concerns. "
Zhuo Fumin, Chairman of V Star Capital, said, "V Star Capital is very concerned about the investment in the city's life service sector. BingEx’s special delivery, the '1 hour up' breaks the barriers of space and time, connects people and objects in the city. Connecting people, meeting the user demand in the new era of safety, instant, personality, diversity, is a very important player in the field of urban life services. "