Lalamove, a Hong Kong-based on-demand logistics startup, has closed a $300 million Series D round as it seeks expansion across Asia. In doing so, the company has officially entered the unicorn club.
Founded in 2013 by Stanford graduate Shing Chow, Lalamove provides logistics and delivery services in a similar style to ride-hailing apps like Uber but it is primarily focused on business and corporate customers. That gives it more favorable economics and a more loyal customer base than its consumer-focused peers, who face discount wars to woo fickle consumers.
This new round is split into two, Lalamove said, with Hillhouse Capital leading the ‘D1’ tranche and Sequoia China heading up the ‘D2’ portion. The company didn’t reveal the size of the two pieces of the round. Other investors that took part included new backers Eastern Bell Venture Capital and PV Capital and returning investors ShunWei Capital — the firm founded by Xiaomi CEO Lei Jun — Xiang He Capital and MindWorks Ventures .
The deal takes Lalamove to over $460 million raised to date, and it follows a $100 million Series C that closed in late 2017. Lalamove isn’t disclosing a valuation but Blake Larson, the company’s head of international, told TechCrunch that it has been “past unicorn mark for quite some time [but] we just don’t talk about it.” That figures given the size of the round and the fact that Lalamove was just shy of the $1 billion mark for that Series C.
The Lalamove business is anchored in China where it covers over 130 cities with a network of over two million drivers covering vans, cars and motorbikes.
Beyond China, Lalamove is present in its native Hong Kong — where Uber once briefly tried a similar service — Taiwan, Vietnam, Indonesia, Malaysia, the Philippines and Thailand, where it works with popular chat app Line. All told, it covers 11 cities outside of China and this new capital will go towards expanding that figure with additional city launches in Southeast Asia and entry to India.
“If we do this well, then we are in countries that are more than half the world’s population,” Larsen said in an interview, although he didn’t rule out the potential for Lalamove to expand beyond Asia in the future.
There are also plans to grow the business in mainland China in terms of both geography and new services. Already, Lalamove has begun to offer driver services, starting with financing packages to help drivers with vehicle purchasing, and it is developing dedicated corporate offerings, too.
Overall, the business claims to have registered 3 million drivers to date and served more than 28 million users across all cities. With its headquarters in Hong Kong, it employs some 4,000 people across its business.
Rival GoGoVan exited through a merger with China-based 58 Suyun in 2017, at a claimed valuation of $1 billion, but Lalamove has remained independent and stuck to its guns. Larson said that already it is profitable in “a significant amount” of cities and typically, he said, the blueprint is to reach profitability within two years of opening a new location.
“The focus has always been on sustainable growth and we’re very strong on the cash flow front,” the former Rocket Internet executive added.
Larson and Lalamove have been very forthcoming in their desire to go public in Hong Kong, noting so publicly as early as 2017 at a TechCrunch China event in Shenzhen. That desire is still evident — “we’re very proud to be from Hong Kong and Hong Kong would be a good place for an IPO,” Larson said this week — but still the company said that it has no particular plan on the cards, despite its consumer-focused peers Uber and Lyft lining up IPOs in the U.S. this year.
“We don’t spend maybe even five minutes a year talking about it,” Larsen told TechCrunch. “The discussion is really ‘Let’s make sure we’re IPO ready’ because sometimes there are macroeconomic conditions you can’t control.”
Clearly, investors are bullish and it is notable that Lalamove’s new round comes at a time when many Chinese companies are downsizing their staff, with the likes of Didi, Meituan and JD.com announcing cuts and refocusing strategies in recent weeks.
“[Lalamove CEO and founder] Shing is a role model for Hong Kong’s new generation of innovative entrepreneurs,” said Sequoia China founder and managing partner Neil Shen. “Raised in Hong Kong and educated at Stanford University, Shing returned and plunged himself in the entrepreneurial wave of ‘Internet Plus,’ becoming a figure of entrepreneurial success.”
Amazon sets a date for its big 2021 Echo and Ring devices event
Amazon has set the date for its next big devices and services event, and if previous years are anything to go by we can expect new Echo and Ring hardware along with potentially a few surprises. The event will kick off at 9am PT (12pm ET) on Tuesday, September 28, and as with last year’s it’ll be online-only.
Last year Amazon didn’t hold back on new smart home hardware. Along with the new Echo Show 10, which could rotate under its own power to face the person interacting with it, Amazon also had a new, spherical Echo smart speaker.
The smaller Echo Dot – and its Echo Dot with Clock sibling – offered a lower price point, and the new Echo Dot Kids Edition dressed that up in more playful designs. As for Ring, we saw the Ring Car Alarm debut, plus the promise of end-to-end video encryption. Amazon also announced a collaboration with Tesla, with the Ring Car Connect for the automaker’s EVs.
Elsewhere, the Eero Pro 6 and Eero 6 added WiFi 6 to the familiar mesh networking, while the Fire TV Stick and Fire TV Stick Lite kicked off pricing at under $30. Amazon also introduced Luna, its cloud gaming service, complete with a dedicated wireless controller.
Just as much a showcase for hardware, though, Amazon’s events have become demonstrations for its software changes. Alexa typically plays a key part in that – last year we saw group calling support, Netflix on Echo Show, and interactive teaching tools – but it’s also an opportunity to see what developer tools and improvements have been introduced.
Finally, it’s a chance for Amazon to surprise. Last year, that meant the Ring Always Home Cam – a flying camera drone that promised automated patrols of your house – though the gadget is still yet to actually launch commercially.
For 2021, it’s likely we’ll see refreshes of Amazon’s core Echo range. After all, with the holidays approaching, that’s a key opportunity for Amazon to put more smart speakers in users’ homes – and double-down on their commitment to Alexa as a platform, rather than the Google Assistant or Apple’s Siri. The new Amazon-branded Fire TV range could also be expanded.
We’ll probably also hear more about the controversial Amazon Sidewalk, the shared neighborhood network that Amazon opted to enable by default earlier in the year.
On the “weird tech” side, that could well be the rumored wall-mounted Echo touchscreen. Billed as being an in-wall smart home hub, it would help position Alexa as a key way of interacting with the connected home and IoT, if the rumors are to be believed.
After iPhone 13: The new tech coming in 2022, 2023, and 2024
Over the next few years, the iPhone will see some significant changes. This year’s iPhone 13 didn’t exactly make major waves when it came to upgrades VS last year’s model lineup. According to high-level Apple product predictions released this week, the changes will come in the years 2022, 2023, and 2024 in the form of punch hole front-facing cameras, under-display Touch ID, and foldable smartphones from Apple.
Notes from Apple analyst Ming-Chi Kuo relayed by 9to5Mac suggested that the iPhone line released in the year 2022 would include two higher-end devices with a punch-hole display. Kuo also suggested that these devices would include a new 48MP wide camera, and would be joined by a new and “more affordable” 6.7-inch iPhone.
Kuo also noted the addition of an under-display fingerprint reader for the year 2023. This technology began to appear in Android devices over the last few years, but hasn’t yet matured to the point at which Apple has been comfortable releasing it on a release-level iPhone. The iPhone under-display Touch ID system is predicted to be a part of the iPhone 15 (or whatever it’ll be called) released in the year 2023 – or later.
The most massive change to the iPhone line comes in the prediction of a foldable device. Ming-Chi Kuo suggested that the “foldable iPhone” won’t be released until the year 2024. It is not yet known whether this foldable iPhone will be released at the same time as the traditional iPhone, what it’s price will be, or if it’ll actually truly ever be released at all!
ALSO NOTE: There’ll likely be a new iPhone SE coming in the year 2022 with expanded mobile data radio coverage. This means 5G support for said iPhone SE, likely appearing in the first half of the year 2022.
If you’re currently preparing to purchase an iPhone and want to wait for the newest possible device – you’re in luck, since the iPhone 13 will be available in stores on September 24, 2021. The release date is the same for iPhone 13, iPhone 13 Mini, iPhone 13 Pro, and iPhone 13 Pro Max, all coming on September 24th, 2021. Take a peek at comparisons between the iPhone 13 models and iPhone 12 and see what you make of them. Then stick around as we prepare to release our review of the iPhone 13 and beyond!
IKEA Sjomake makes DIY hidden wireless charging a $40 upgrade
IKEA is making it easy to hide wireless charging in your nightstand, desk, or coffee table, with the new Sjömäke wireless pad keeping its Qi out of sight. Unlike IKEA’s earlier charging pads, which slot into circular cut-outs in the tabletop, this new high-power pad is intended to hide underneath yet still allow for wireless charging through the surface.
In fact, IKEA claims, it should work just fine through tables and other worktops that are 3/8″ to 7/8″ thick, just as long as they’re not metal. The Swedish retailer includes double-sided tape for mounting it underneath, though there’s also support for screws or other fixings if you prefer.
Plug in the six foot long power cable, meanwhile, and then you have a discreetly hidden Qi charging pad. IKEA includes some stickers that you can optionally use on the top of the table or nightstand, so that you know whereabouts to position your phone or other device for best charging results. Or, you can leave them off altogether, and have the whole thing seem a little more magical.
The pad is a fairly uninspiring design, given it’s intended to be hidden from sight. It’s 1-inches thick, 7-inches long, and 3-inches wide. An indicator LED on the side shows whether or not it’s actively charging a device, though of course there’s a fair chance that you won’t be able to see that in day to day use.
Indeed, IKEA says that you really shouldn’t use the pad with a phone or other device without anything in-between. According to the user manual, there should be at least around 8mm between the two, presumably because IKEA has tuned the charging coils to take into account some sort of gap.
As for the charging rate, expect around 5W. Less, certainly, than you’d get from some of the other Qi pads on the market right now, but certainly sufficient if you’re leaving your phone to one side as you sleep or work.
Currently, the Sjömäke is listed at $39.99 on IKEA’s site, though it’s not yet available to order. The retailer confirmed to The Verge that it will be going on sale in October, both in the US and in other international stores, both at its physical locations and online.
This isn’t, of course, IKEA’s first flirtation with wireless charging. Back in 2018, the company ran a high-profile welcome campaign for the iPhone 8, highlighting how Apple’s addition of Qi support meant that the smartphone would now work with the Swedish company’s chargers that were build into tables, lamps, and more.
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