Founded in 2013, GoGoVan connects van drivers with customers to provide efficient logistics services on demand.
The company launched in Hong Kong with initial capital of HK$20,000. Just before the founders’ funding ran out, GoGoVan received HK$100,000 in seed capital from the Cyberport Creative Micro Fund to continue the journey. GoGoVan later joined the Cyberport Incubation Programme to develop its business further. It went on to complete a few funding rounds.
In addition to Hong Kong, the company has expanded into mainland China, Singapore, Korea and Taiwan. Now there are more than 20,000 commercial vehicles in the GoGoVan network. GoGoVan is one of Hong Kong’s most successful start-ups.
GoGoVan is founded
Receives HK$100,000 seed funding from the Cyberport Creative Micro Fund
Joins Cyberport Incubation Programme
Expands into Singapore
Raises US$6.5 million in series A financing round
Raises US$10 million from Renren Inc. and expands into Taiwan and mainland China
Raises more than US$10 million in series B financing round
Expands into Korea
Closes series C financing round
“Reeve said the professional advice they received from the Cyberport entrepreneurship programme they joined early on has helped them significantly.”
“There was no income but only expenditure (which continued to grow). We spent the whole of our HK$20,000 starting capital within 2 months. Fortunately, we received Cyberport’s financing twice, and the HK$400,000 we received sustained us for another few months. We have been operating for one year and five months now. Our operating and expansion capital have come mostly from angel investors Steven found.”
“We were fortunate to have received Cyberport Creative Micro Fund’s HK$100,000 funding at this critical point. The support carried us through a difficult time.”
“Our company trademark was registered by a competitor and that infuriated him. Cyberport is advising us on the matter, which is still being resolved.”
“So we took money out of our bank accounts and asked our families for HK$30,000-50,000 to make up the HK$200,000 starting capital. We then started the company and found friends to design the app. We are still at the testing stage and we are not taking any payments yet. Our bank account is continually at two- or three-digit levels. We originally thought we had to start taking commissions by year-end. But with Cyberport’s support, we can probably survive till early next year before we have to charge the drivers for a 5% to 8% commission. We expect to break-even by end of next year.”
“Steven added that the company has recently been accepted into the Cyberport Creative Micro Fund, which selects tech start-ups based on innovative or business potential. It is a vote of confidence. He hopes to use the funding to hire programmers to improve their existing app.”